Cambodians shun banks: World Bank report

30 May 2012
The Phnom Penh Post
Agriculture and fishing / Banking and financial services / Economy and commerce
Asia Pacific Region / Asia-Pacific / Banks / Cambodian people / Cambodians / financial institution / Financial Services / Financial stability / Informal lending / Lao / Lending / low-income / mircofinance sector / regional average / World Bank

Cambodian people used banks less than any other country in the Asia-Pacific region last year in percentage terms of using financial services, recent data from the World Bank showed. The report, released this month, also pointed to high growth in the percentage of borrowers, which insiders said was concentrated in Cambodia’s mircofinance sector. Informal lending, a threat to the financial stability of many low-income earners, was high above the regional average. … Only 4 per cent of Cambodians had an account at a formal financial institution in 2011, compared with 27 per cent in Lao PDR and 21 per cent in Vietnam. …

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