Financial literacy

Central bank launches key financial literacy campaign

National Bank of Cambodia (NBC) Deputy Governor Ouk Maly speaks at Friday’s seminar. CNB

The National Bank of Cambodia (NBC) launched a new campaign on December 3 that is expected to greatly increase Cambodians’ financial literacy and reduce bad debts.

The “Let’s talk about money: little by little” was launched during an in-person and virtual seminar on the implementation of the National Strategy for Financial Inclusion 2019-2025.

NBC Deputy Governor Ouk Maly noted that the campaign was part of the seven-year strategy, which she said creates the framework for a national policy to improve financial inclusion in Cambodia.

“This campaign is also an important tool to support the implementation of the Financial Sector Development Strategy 2016-2025, which aims to ensure the stability of macroeconomic policies and maintain sustainable economic growth,” she said. .

She said the national strategy sets the vision and direction for greater financial inclusion, increased access to quality, timely, affordable and legitimate financial services.

She cited some of the document’s most notable goals: reducing the number of unbanked women, improving social well-being, increasing income, reducing poverty and contributing to overall socio-economic development.

“Financial literacy is recognized as an important catalyst that can boost financial inclusion and reduce over-indebtedness.

“Thanks to this national strategy, it is possible to increase access to quality official financial services, to halve the rate of unbanked women, from 27% to 13%, and to expand the use of official financial services from 59% to 70%. percent by 2025, and improve the well-being of families and support economic growth, ”Maly said.

She said the new campaign follows on from the 2016 Talk About Money campaign and was designed with an emphasis on the importance of effective analysis and management of financial products and services, and on preparation of action plans to help consumers better understand the rights, responsibilities and roles of all parties involved in financial decisions.

Rath Sovannarak, managing director of the banking supervision department at NBC, noted that improving financial literacy would require extensive stakeholder involvement involving, among other things, formal education for students and “apprentice experts”.

On the other hand, the campaign will raise awareness of relevant issues, with particular emphasis on people in rural areas who may have access to bona fide financial services, but limited access to relevant information, he said. declared.

Shane Nichols, President of Good Return, said the Australian NGO is committed to supporting Cambodian families through financial education programs, helping small businesses and advocating for ethical practices in the financial sector. .

“We are delighted to be working with the National Bank of Cambodia to launch the important ‘Let’s Talk About Money: Little by Little’ campaign,” he said.

United Nations Economic and Social Commission for Asia and the Pacific (Unescap) Deputy Executive Secretary Kaveh Zahedi said the UN agency was “proud” to support the central bank’s latest campaign.

He pointed out that the initiative includes short videos that embody a wide range of important messages on financial responsibility, gender equality and entrepreneurial ideas, which he believes are essential for achieving an inclusive economy and sustainable.