Financial inclusion at the heart of Cambodia’s development strategy

Financial inclusion at the heart of Cambodia’s development strategy

Access to timely, affordable and legally protected formal financial services contributes to household economic growth by linking people to economic activity, says a senior official of the National Bank of Cambodia.

Financial inclusion is a cornerstone of Cambodia’s economic and social development, connecting households to formal financial services and offering protection from the risks of poverty, fraud, and inequality, a senior official of the National Bank of Cambodia (NBC) said on Tuesday.

Speaking on behalf of Chea Serey, Governor of the National Bank of Cambodia, Mak Reaksmy, Deputy Director General of Regulation and Financial Inclusion and Director of the Regulation Department at NBC, presided over the launch of the “Financial Street Program Season 3” in Phnom Penh. She underlined the essential role of financial inclusion in ensuring long-term development and resilience.

“Access to timely, affordable and legally protected formal financial services contributes to household economic growth by linking people to economic activity, enabling them to prepare for unexpected expenses, supporting better education, protecting themselves from scams, and helping to reduce gender inequality,” Reaksmy said.

She noted, however, that financial literacy remained one of the greatest obstacles to expanding inclusion. Many Cambodians continue to rely on informal lending, leaving them vulnerable to exploitation and debt traps. This is why, she said, strengthening financial literacy, inclusion and consumer protection has become a priority for the government.

The Royal Government of Cambodia has adopted the National Strategy on Financial Inclusion 2019-2025, which aims to raise access to formal financial services from 59 percent to 70 percent of the population and to cut the share of women excluded from financial services from 27 percent to 13 percent by the end of 2025. A key part of this strategy is promoting consumer protection and transparency, with NBC leading efforts to integrate financial literacy across sectors.

As part of this push, NBC has worked with the Ministry of Education, Youth and Sport to integrate financial literacy into the school curriculum, while also joining forces with the Ministry of Women’s Affairs to promote digital financial literacy for women and women entrepreneurs.

The central bank has rolled out national campaigns such as “Let’s Talk About Money” to spread awareness, supported literacy projects for people with disabilities, and partnered with local and international organisations to strengthen financial security in communities.

Efforts also extend to youth engagement, with programmes such as the “Financial Climate Innovation” competition encouraging students to develop solutions to reduce the risks of informal lending and promote the safe use of financial services. In addition, NBC continues to hold seminars across provinces to raise awareness of the microfinance sector and strengthen protections for users of financial services.

Despite these advances, Reaksmy acknowledged that the spread of informal loans and financial scams highlighted the need for broader and deeper literacy campaigns. This, she said, was why initiatives such as the “Financial Street” programme, produced by Apsara Media Services with the backing of the Cambodian Banking Association, the Cambodian Microfinance Association and Credit Bureau (Cambodia) Co Ltd, play a crucial role.

“The programme contributes to promoting financial literacy nationwide and stands as a testament to the joint efforts of the private and public sectors in line with the government’s commitment to expand inclusion, strengthen consumer protection, and safeguard citizens from fraud,” she said.

She added that media and technology are vital tools in this mission. “The participation of Apsara Media Services, a trusted media organisation, alongside the use of ICT and social media, is helping the public access reliable information and make informed decisions on safe and efficient financial practices,” she said.

Reaksmy expressed confidence that the latest season of the “Financial Street” programme would serve as an effective digital platform to share knowledge and promote financial literacy for citizens across all walks of life. She called on stakeholders from the banking association and microfinance institution to development partners and media outlets — to continue to support these initiatives for the benefit of the financial sector, society, and the wider Cambodian economy.

Launched in 2023, the initiative was designed to bring together leading institutions in the country’s financial sector to promote greater awareness and understanding of financial services among the public. The programme is organised by AMS in close collaboration with the Association of Banks in Cambodia (ABC), the Cambodia Microfinance Association (CMA), and the Credit Bureau Cambodia (CBC), and is officially recognised by the National Bank of Cambodia (NBC).

According to Lim Khun Srun, Director General and CEO of AMS, the initiative’s core purpose is to bridge the gap between financial institutions and the Cambodian people. “The overall objective of the programme is to bring together key players in the financial sector, both private and public institutions, to jointly promote and instill financial literacy among people across Cambodia,” he said.

The organisers believe that improving financial knowledge can empower households to make informed decisions, prepare for unexpected challenges, and gain better access to safe, reliable, and affordable financial services. By targeting both urban and rural audiences, the programme seeks to encourage a more inclusive financial environment that supports long-term economic growth.

The first two seasons of “Financial Street” were met with strong public engagement, amplified by AMS’s extensive media platforms, including Apsara TV, FM97 and FM99, as well as digital outreach through Facebook, TikTok, YouTube, and the company’s official website.

As it enters its third year, the programme is expected to expand its reach further, reflecting growing recognition of the importance of financial education in Cambodia’s development journey.

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