NBC seeks to promote financial literacy

A National Bank of Cambodia (NBC) official on Tuesday said it is seeking to promote financial literacy among Cambodians, saying that boosting awareness of financial issues has become a greater priority as the industry continues to develop and become more complex.

Speaking to reporters during the National Financial Literacy Day on Tuesday, NBC director-general Chea Serey said NBC realises work to boost financial literacy is a long-term agenda and is strongly pushing the Kingdom’s financial institutions to participate in accelerating Cambodians’ financial awareness.

She said there are currently around 10 financial institutions actively involved with NBC’s mission, while others have expressed their willingness to participate.

“Boosting financial literacy requires a long effort and cannot be done in merely one year, so we will keep working on it. It would be a big success for us if we are able to insert financial subjects into the general education programme,” she said. “It is a long term and sustainable approach to promote financial literacy and we hope the [financial] knowledge of the people will improve from year to year.”

Financial literacy is a combination of the awareness, knowledge, skills, attitude and behaviour necessary to make sound financial decisions and ultimately achieve individual financial wellbeing.

With the purpose of long-term financial literacy development, NBC on Tuesday signed a memorandum of understanding (MoU) with the Ministry of Education, Youth and Sport to improve financial education for Cambodians from an early age. NBC also signed an MoU with the Ministry of Women’s Affairs to promote financial inclusion among Cambodian women entrepreneurs.

Ministry of Women’s Affairs secretary of state Chan Sorey on Tuesday said motivating Cambodian women to participate more in economic activities is a key element to improving their rights in their families and in moving their families out of poverty.

“Promoting financial literacy among women is a very important means in contributing to promoting gender equality, especially in boosting women’s courage when it comes to economics,” she said.

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