EdC tells banks to stop outsourcing collections

Sep 7th at 10:05
07-09-2016 10:05:47+07:00

EdC tells banks to stop outsourcing collections

State-run energy utility Electricité du Cambodge (EdC) has asked banks and microfinance institutions (MFIs) to stop using third-party services to collect payment of customer electricity fees, local media reported yesterday.

In a statement, EdC said it had signed partnership agreements with a number of financial institutions to be agents for accepting electricity bill payments, but some banks and microfinance institutions (MFIs) were in breach of the agreement as they were outsourcing the fee collection to third-party service providers.

phnompenh post



NEWS SAME CATEGORY

Credit growth starts to cool off

New data released by Cambodia’s independent credit reporting agency indicate a significant slowdown in the rate of lending during the second quarter of the year, a...

Vehicle owners warned to meet tax obligations

Vehicle owners who have not paid customs tax on imported vehicles have until the end of the month to meet their obligation or will face penalties, the General...

Banks covering their assets

Cambodian financial institutions surveyed yesterday said they were in compliance with the central bank’s revised liquidity coverage ratio (LCR) requirements as the...

Canadian bank soars after ABA investment

National Bank of Canada attributed its 5.5 per cent jump in fiscal third-quarter profit to its acquisition of Cambodia’s Advanced Bank of Asia Ltd. (ABA Bank)...

Rice paddy bank short of funds

Two years since the opening of Cambodia’s first large-scale rice paddy bank, the private sector company behind the project is seeking additional capital to carry it...

Group Lease ties into True Money network

Digital finance firm Group Lease Finance (GLF) and mobile payment company True Money have announced a new partnership to provide loans and financial services in...

MFI lending continues on course

Cambodia's microfinance sector continued to expand rapidly during the first half of the year, despite concerns over rising default rates as the industry’s main...

US to provide $125M for Acleda financing

The Overseas Private Investment Corporation (OPIC), the US government’s development financial institution, signed a commitment letter for $125 million direct loan...

Strategies to keep out dirty money discussed

Central bank officials met yesterday with representatives from the Asia-Pacific Group on Money Laundering (APG) to discuss strategies on how to deal with the high...

Woori ruled out of Prasac bid

South Korean financial giant Woori Bank, widely seen as the preferred bidder for a 50 per cent stake in Cambodian microlender Prasac, is out of the running as it...


MOST READ


Back To Top