Banks and Police Target Illegal Moneylenders

Phnom Penh, 07th February 2023 -- At the Association of Banks in Cambodia, Mr. Sok Voeun, Chief Executive Officer of LOLC (Cambodia) Plc. and the Chairman of the Board of Directors of Cambodia Microfinance Association (CMA), together with Mr. Rath Sophoan, Vice-Chairman of the Association of Banks in Cambodia (ABC) held a press conference on the "Situation of the Banking and Finance Sector, and pro-active measures in response to the provision of informal financial services”, which was organized by the Association of Banks in Cambodia (ABC) and the Cambodia Microfinance Association of Cambodia (CMA).

The press conference updated the public on the situation and health of the Banking and Financial sector as well as disseminated the actions plan that both associations have been doing and will do in 2023 and the following years to promote financial literacy and financial inclusion.

This important press conference also discussed and explained the joint statement made by the National Bank of Cambodia and the General-Commissariat of the National Police on 02nd February 2023, stating that they will take strict legal actions against illegal lending and all forms of advertising related to the provision of unauthorized financial services and would like all citizens to avoid borrowing from informal financial services providers, which do not receive permission from the National Bank of Cambodia. Citizens who have information related to the provision of illegal financial service activities shall report to the National Bank of Cambodia through phone numbers stated in the joint statement.

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