Cambodia Microfinance Association Catalyzes Global Efforts in Sustainable, Inclusive Finance

SIEM REAP, Cambodia, Nov. 5, 2024 /PRNewswire/ - The Cambodia Microfinance Association (CMA) successfully hosted its Annual Microfinance Conference in Siem Reap, gathering over three hundred leaders, policymakers, and international partners under the theme "Sustainable and Inclusive Microfinance: Current Situation and Future Trends." This conference underscored CMA's dedication to expanding financial inclusion and promoting responsible growth, aligning with global development goals and positioning Cambodia as a model for sustainable finance.

In her opening remarks, Mrs. Dith Nita, Chairwoman of CMA, emphasized CMA's mission to strengthen Cambodia's microfinance sector, stating, "Sustainable and inclusive microfinance is not only a goal, but it is a necessity. Together, we're working toward a stronger economy, a fairer society, and a financial system that serves all Cambodians." Her remarks highlighted CMA's core commitment to client protection and empowerment across Cambodia's rural and underserved communities, which include 74.4% of the population.

CMA's 132 member institutions play a vital role in this mission, managing a combined loan portfolio of $5.11 billion USD, serving 1.55 million active borrowers, and holding $2.21 billion in deposits across nearly two million accounts, 67% of which are held by women. This commitment not only supports financial accessibility but also contributes significantly to local employment, with over 21,000 staff members across nine hundred branches.

A highlight of the conference was the recognition of the Bakong payment system, developed by the National Bank of Cambodia (NBC). Launched in 2020, Bakong now has ten million active wallets, bridging traditional financial services and the unbanked population through seamless, low-cost digital finance. This pioneering initiative has earned international acclaim for advancing financial inclusion, and CMA expressed deep gratitude to NBC for its leadership in supporting this transformative step toward economic resilience and client empowerment.

While client protection and empowerment remain central to CMA's mission, the association is also paving the way in green finance, aligning with the global shift toward environmental sustainability. CMA collaborates with Oxfam to advance green finance initiatives and works alongside Water.org to provide technical assistance in developing water, sanitation, and hygiene (WASH) products. Mrs. Dith Nita remarked, "We encourage our members to view green finance as essential, paving a path toward sustainability that benefits clients and the environment." This initiative supports global sustainability goals, including clean water access and climate action.

Throughout the day, CMA reinforced the importance of financial literacy, capacity building, and adherence to a strong code of conduct in creating a transparent, resilient financial sector. Concluding the conference, a call to action was made to continue collaborative efforts in promoting sustainable and inclusive finance that aligns with both Cambodia's needs and global priorities.

The Annual Microfinance Conference 2024 concluded with a collective commitment to build a resilient and inclusive financial future. CMA invites international partners, investors, and stakeholders to contribute to a financial landscape that empowers local communities and aligns with the United Nations Sustainable Development Goals. Through this annual event and ongoing initiatives, CMA remains dedicated to empowering communities, supporting sustainable growth, and actively participating in global efforts toward inclusive economic development.

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SOURCE Cambodia Microfinance Association