Loans at MFIs grow to surpass $1 billion
The pool of outstanding loans held by Cambodia’s microfinance
institutions grew to more than $1.17 billion in 2013, marking a 44 per
cent industry-wide increase from 2012, when the figure stood at $813
million, according to new data from the National Bank of Cambodia.
The industry statistics, which take into account the books of all 38
microfinance providers in the country, were detailed in the bank’s
annual report for 2013.
Consumer deposits grew more than 61 per cent to reach $364 million
last year, up from $226 million in 2012. Non-performing loans – loans
that are either in or close to being in default – remained steady,
accounting for less than one per cent.
Bun Mony, president of the Cambodia Microfinance Association, said
the results were not surprising, reflecting an average year-on-year
growth range of 40 to 50 per cent for the industry.
“Increasing loan size for existing customers and access to
microfinance products in rural areas would be some reasons for the
year-on-year growth.”
The CMA president added that while customers engaged in agricultural
businesses remained the main market for microfinance companies, small
shops and street vendors are also emerging as a larger market.
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