[khmertimeskh] The National Bank of Cambodia (NBC) has urged Ratanakiri province authorities to prioritize financial education, especially for indigenous communities, to combat the growing issue of informal lending and the risky practice of using community land as collateral. This announcement is made during NBC Governor Chea Serey’s meeting with provincial leaders. During this visit, NBC also assessed the province’s economic landscape, which, despite its potential in agro-industry, hydroelectric energy, and tourism, faces challenges like low financial literacy and the rise of illegal online lending with high interest rates.

In response to these concerns, the NBC committed to tackling informal lending and promoting financial inclusion in the province. Governor Serey emphasized the importance of educating indigenous populations about the risks of informal lending and the dangers of using community land as collateral, while also expressing the NBC's interest in collaborating with financial institutions to develop tailored financial products that support the province's agricultural and ecotourism sectors.

For detail, please visit:  https://www.khmertimeskh.com/501653616/nbc-thrusts-raising-awareness-on-informal-loans/