On February 5th, the National Bank of Cambodia (NBC) issued a deposit license allowing AMK to collect voluntary savings from the public. AMK is the third MFI, along with Amret and Sathaphana, equipped with a deposit-taking license. The MFI will offer 11% for riel currency and 8% for dollars as savings account rates and lower yet still competitive rates for current accounts. These figures are considerably more attractive than those offered by commercial banks as many have excess liquidity and have lowered their interest rates.
Since the global financial crisis hit, deposits have become a high commodity for many MFIs financed by international lenders as they provide a more accessible (cheaper and faster) source of financing. Mobilizing savings has however presented a challenge for MFIs as clients in Cambodia's rural provinces continue to be suspicious of financial institutions, thereby traditionally storing their savings in kind viz. in gold and livestock.
Since the global financial crisis hit, deposits have become a high commodity for many MFIs financed by international lenders as they provide a more accessible (cheaper and faster) source of financing. Mobilizing savings has however presented a challenge for MFIs as clients in Cambodia's rural provinces continue to be suspicious of financial institutions, thereby traditionally storing their savings in kind viz. in gold and livestock.
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