Financial literacy and inclusion are vital to the economy, says Prince Bank
Prince Bank supported the initiatives of the National Bank of Cambodia to advance the cause of promoting and creating financial inclusion among Cambodians
Promoting financial literacy to the public has always been one of Prince Bank’s key initiatives, especially among the underbanked and unbanked customer segment. In line with its client theme “We try harder for you”, Prince Bank is working to go the extra mile to ensure this segment has equal access to literacy and financial services.
For many of these clients, a first step would be providing them with basic knowledge about money, its management and the types of financial services, and ultimately providing products or services to which they have access.
Prince Bank is committed to the Nine Cambodian Sustainable Finance Principles of the Association of Banks of Cambodia (ABC) in order to increase the level of financial literacy of Cambodians. The bank has continuously supported the initiatives of the National Bank of Cambodia (NBC) to advance this important cause by promoting and creating financial inclusion among Cambodians.
In addition, Prince Bank has organized tours to expand financial literacy in urban and rural communities and continues to do so on our platforms such as our branches nationwide, social media, website and in collaboration with professional associations on financial literacy topics such as savings and loans. , financial management, credit and debt management, and other financial knowledge needed to make financially responsible decisions.
PRINCE electronic account
Despite the prolonged pandemic over the past two years, Prince Bank has remained committed to continuing its financial literacy initiatives guided by the bank’s motto of trying harder for its customers. The pandemic lockdown and working from home modalities have prompted many people to turn to digital platforms for work and living. Therefore, financial literacy can also be effectively disseminated through social media platforms like Facebook, Telegram, YouTube, etc.
With this change in behavior, it was time to introduce a digital bank account that can be opened by anyone, anywhere, anytime in a secure online environment. PRINCE eAccount, a digital bank account not only meets the needs of digital natives, but more importantly, a product that enables underbanked or unbanked segments to have equal access to financial products.
The latest version of the PRINCE Mobile app allows new customers to instantly open a PRINCE electronic account. The PRINCE electronic account can be opened by anyone, anywhere, anytime securely at their convenience without even entering a branch. More importantly, customers can complete daily transactions, such as interbank transfers, QR payments, bill payments, and even start saving for their future.
Since the launch of PRINCE eAccount two months ago, the bank has been very well received. In fact, in the first two weeks of its launch, Prince Bank opened 30,000 new PRINCE electronic accounts.
What we learned from this experience is that there is an innate need for such a product, and Prince Bank is hopeful that a product like PRINCE e-Accounts can help our bank penetrate the underbanked segments or even unbanked and provide broader financial inclusion.
Together with regulators and other financial institutions, our bank can successfully promote financial literacy in Cambodia for the common good and the development of the Kingdom.
The continued expansion and improvement of financial literacy paired with the right product can improve their understanding and application as they begin to better manage their money, savings, investments, and a smarter debt repayment plan. This would allow an individual to have better financial management, and would help reduce poverty in Cambodia as well as develop the country’s economy.
- Keywords: financial literacy, Prince Bank