NBC, Ministry of Women’s Affairs, and Visa Launch Program to Improve Women’s Financial Literacy

The National Bank of Cambodia (NBC), the Ministry of Women's Affairs (MoWA), and Visa, the world's leader in digital payments, launched here yesterday a year-long programme aimed at improving the financial literacy of Cambodian women, with a particular focus on empowerment via digital platforms.

The project, entitled Promoting Financial Inclusion for Women and Women Entrepreneurs, will seek to engage young women and female entrepreneurs, especially in rural areas, who aspire to set up a business or already run a micro-business, in addition to a number of female high school and under-graduate students, pointed out a press release of Visa, adding that the project also aims at building the technical capacity of staff at MoWA, in order to help them better address the needs of women in Cambodia.

The kick-off event included a number of workshops on issues around women's financial literacy, national strategy on financial inclusion and recommendations for developing financial literacy as well as promoting women entrepreneurs. Over the course of the programme, participants will be able to engage in vocational training opportunities, as well as workshops being run across the provinces of Preah Vihear, Siem Reap, Kratie, and Stung Treng, with themes such as Financial and Digital Literacy for Entrepreneurship Development and Access to safe Financial Services. In each of these provinces, the programme will be largely operated out of their respective Women's Development Centres (WDC), which are run by the MoWA.

Cambodia requires more to strengthen in a thriving entrepreneurial ecosystem, such as access to finance, financial education, supportive cultures, and institutional support. This hampers Cambodia's ability to capitalise on its high growth potential, and all of our country's productive, innovative and creative talent, which is indispensable in order to compete in this fast changing world. Cambodia's female entrepreneurs are mostly participants in the micro and informal economy and most of them are lacking in necessary financial literacy skills. This disadvantages them in the areas of business development compared to their male counterparts, said H.E. Dr. Ing Kantha Phavi, Minister of Women's Affairs. The programme launched today plays a pivotal role in strengthening women's financial literacy as well as enhancing their capability to step out of the vulnerability of informal microenterprises.

H.E. Mrs. Neav Chanthana, Deputy Governor of NBC, said the NBC has acknowledged financial literacy as a key to enhance financial inclusion in Cambodia and to achieve the goals set in the National Financial Inclusion Strategy 2019-2025. In this regard, she added, the NBC in collaboration with stakeholders and development partners have been launching financial literacy campaigns by focusing on consumers in order to ensure the understanding, maintaining and using of information to access formal financial services.

For her part, Ms. Chum Monika, Visa Country Manager for Cambodia, said: At Visa, we've run financial literacy programmes around the world and we've seen first-hand the powerful impact these programmes can have on both individuals and communities. This is the third year we've supported financial education initiatives in Cambodia and we look forward to continuing to drive the financial empowerment of individuals, as well as the country's ongoing economic development.

Visa has been running financial literacy programmes worldwide for over two decades, tailoring the programme to address the needs of individual markets, and reaching demographics that range from young children, to university students, to adults, underlined the press release.

Source: Agency Kampuchea Press