VisionFund Cambodia, one of the country’s leading microfinance institutions (MFI), has begun to welcome depositors following its receipt of a deposit–taking license from the National Bank of Cambodia in March 2011.
The deposit service has enabled VisionFund Cambodia to further diversify its financial products targeting low-income households. The MFI evolved from a small-credit program of World Vision Cambodia in the 1990s into a separate institution in 2003. It currently has a loan portfolio of more than US$31 million with over 104,000 borrowers mostly in suburban and rural areas in Phnom Penh and 17 provinces.
The MFI is confident that its strong track record,, broad branch network, infrastructure and affiliation with World Vision as well as VisionFund International’s global MFI network in over 40 countries will provide the necessary public confidence and peace of mind for depositors.
“Apart from our strong financial position, our current systems, facilities and human resources are well placed to launch the deposit service. We are grateful to the national bank for recognizing our readiness to undertake this new product and granting us the deposit-taking license,” VisionFund Cambodia CEO Chee Chin Hoe emphasizes.
“Our next approach will focus on further efforts to promote public awareness to recognize us as a safe and worthy custodian and manager for their deposits, and at the same time we hope to inculcate the habit of saving among the poor,” he adds.
For deposits in Riel, VisionFund Cambodia offers attractive interest rates up to 9% per annum for a one-year deposit and up to 10% per annum for a 2-year deposit, whereas US$ deposits earn annual rates of 7% and 8% respectively.
For those interested to obtain further information, please contact:
VisionFund’s customer service:
Telephone : 012 222 024 or 023 6555 014
Visit the office: #20. St. 71, Sangkat Tonle Bassac,
Khan Chamkamon, Phnom Penh, Cambodia