Along with the economic recovery of advanced economies and emerging market economies, Cambodia still maintained the economic growth rate with an average of 6.9 percent in 2017. The growth momentum is projected to be at this similar level in the medium term. The key sectors that play crucial roles in supporting the economy are tourism, garments, construction, and agriculture, which had better performance relatively to previous year, and the export of other industrial products has also contributed to this growth.
The banking and microfinance sectors have expanded its operation in response to this context with highly competitive due to the fast-growing number of new entrants. As the end of 2017, there were 39 commercial banks, 15 specialized banks, 7 microfinance deposit-taking institutions, 69 microfinance institutions, 313 rural credit institutions, 11 financial lease companies, 6 third party processors, 9 payment service providers, 1 credit bureau Cambodia, 6 representative offices and 2,478 money changers.
Even the number of commercial banks, specialized bank and microfinance are much recently but the demand from the market still required as we can see the data from the FinScope Consumer Survey on the Cambodia’s formal financial sectors found that just 17 percent of adults use banks, while 24 percent use the services of microfinance institutions (MFIs).
Hence, The Family Microfiance Plc will play important role to provide finance solutions to individual and eterprises in Cambodia. We realize that our products and services together with professional and experienced staff will enable our customers and partners to achieve their business.
For the future, we will continue to becoming a well-developed financial institution to offer the good products and services across the country. To do so, we continue our investment in advanced technology in order to be come advanced digital financial institution to provide fast and convenience products and services to our customers accordingly.