LOLC Joins National Bank of Cambodia to Promote National Currency and Financial Literacy in Cambodia
- By Cambodianess
- March 20, 2023 12:03 PM
Phnom Penh, 19th March 2023: LOLC (Cambodia) Plc., one of the leading deposit-taking institutions in Cambodia, joins National Banking of Cambodia to celebrate its 43rd Anniversary of the Reintroduction of the Riel at the Royal Plaza, Aeon Mall Meanchey. The 43rd Anniversary Celebration of Riel Day aims to disseminate the knowledge of Riel through social media, promote financial inclusion, use of Riel, and disseminate Bakong system, and financial literacy to the public.
The celebration of the 43rd anniversary of Riel Day was attended by H.E. CHEA Serey, Deputy Governor of the National Bank of Cambodia and representatives of ministries and institutions, as well as representatives of the banking sector and many private financial institutions.
LOLC Cambodia is honored to participate in this important event, and we are even more proud to see the rapid growth of the Riel in the country since its reintroduction 43 years until today. The Riel plays an important role as the national currency, representing and linking to national identity, and demonstrating financial sovereignty, especially in strengthening the national economy. LOLC is committed to actively promoting the Riel by encouraging clients to apply for loans in Riel with reasonably low-interest rates, offering high interest when they open Fixed Deposit in Riel accounts, and continuing to strengthen the use of the payment system and monetary policies tools initiated by the National Bank of Cambodia, such as the Bakong System and Fast Payment system, etc.
About LOLC Cambodia:
LOLC is currently the 3rd largest microfinance deposit-taking institution in Cambodia in terms of deposit balance, loan portfolio and number of clients. As of December 2022, LOLC has:
• Total assets of approximately USD 1,500 million, an increase of 22% compared to 2021.
• Loan portfolio more than USD 1,300 million, an increase of about 21% compared to 2021.
• Deposit balance around USD 767 million, an increase of 32% compared to 2021.
• Total staff more than 3,500 employees, who are providing services to around 340,000 loan customers and around 520,000 depositors.
