Unlicensed lenders called out

4 February 2015
The Phnom Penh Post
Banking and financial services / Economy and commerce / Government / Ministries and other national bodies / Ministry of Economy and Finance
Cambodia Microfinance Association (CMA) / Ministry of Economy and Finance / National Bank of Cambodia (NBC)

Officials have released a public statement warning against a rise in unlicensed lenders they say are dangerously operating outside of Cambodian regulations and threatening financial stability. In a joint declaration from the Ministry of Economy and Finance and the National Bank of Cambodia on Monday, authorities say that there is an increasing prevalence of unlicensed lenders, often operating in small groups and masquerading as NGOs or microfinance institutions (MFIs), claiming to be officially-licensed lenders. … The NBC has provided licences to 39 microfinance institutions. Data from the Cambodian Microfinance Association (CMA) revealed that at the end of last year, 1.8 million Cambodians had MFI clients. …

 Hor Kimsay
http://www.phnompenhpost.com/business/unlicensed-lenders-called-out