Cambodia's financial inclusion remains timid despite high economic growth

Financial inclusion in Cambodia remains timid despite the country's Gross Domestic Product (GDP) growth of 7 percent per year on average for the past decade. Cambodia's financial inclusion remains timid with 67 percent of the adult population having access to formal financial services, while 3 percent to informal services—a decrease from 12 percent in 2017, according to the official in charge of central banking of Cambodia at the National Bank of Cambodia (NBC). Chea Serey, Assistant Governor and Director General of Central Banking of NBC, delivering a keynote address at the International Money Museum Conference on *The New Era of Financial Education" held recently in Hungary said that even though the central bank launched a flagship campaign titled "Let's Talk Money" in both digital and physical format, only the young population have been reached mostly. Since 2010, many public awareness workshops and public gatherings were organised but it was not until 2016 when the campaign was launched to try to bring all of the industry and central bank's financial literacy efforts under one umbrella to better coordinate and avoid duplication, she said. (Source: Khmer Times)