The International Finance Corporation (IFC) has formally reiterated its enduring commitment to investing in Cambodia’s financial sector and has signaled a readiness to significantly deepen cooperation focused on bolstering financial literacy and consumer protection.
This reinforced pledge was made during a high-level working meeting held on Nov. 26, at the National Bank of Cambodia (NBC) headquarters in Phnom Penh. The meeting convened an IFC delegation, led by Ms. Towfiqua Hoque, IFC Country Manager for Cambodia, with H.E. Dr. Chea Serey, NBC Governor.
The discussions centred on progress updates and ongoing initiatives concerning financial consumer protection. Ms. Hoque presented the findings of a recent IFC analytical study and its policy recommendations aimed at strengthening the consumer protection framework. She reaffirmed IFC’s support for key priority actions established through a high-level, multi-stakeholder dialogue, which was coordinated by the NBC and the United Nations in Cambodia.
Governor Chea Serey commended the robust and longstanding cooperation between the NBC and the IFC, welcoming the Corporation’s continued investment and active engagement within the Cambodian financial ecosystem.
She highlighted several significant measures implemented in recent years to advance financial inclusion and consumer security, including: Dissemination of educational financial literacy videos; Organisation of nationwide workshops and public campaigns; Promotion of the national currency, the Riel; Integration of financial education into the national school curriculum; Rollout of standardised credit contract requirements for transparency.
The Governor also drew critical attention to persistent challenges, specifically the widespread prevalence of informal lending and its associated risks. She underscored the necessity for coordinated, multi-stakeholder efforts to further reinforce consumer protection and promote the responsible provision and use of financial services across Cambodia.
