According to the National Bank of Cambodia (NBC), around 70 per cent of Cambodians have access to financial services in the country, with over 8.6 million e-wallet account holders were created by the end of last year.

Chea Serey, Assistant Governor and Director General of Central Banking, NBC, said: "Cambodians have access to official financial services when people receive one of our four financial services, including credit, deposits, money transfers and digital payments."

At the launch of the "Access to Finance" programme recently, Serey said payment services increased significantly, and digital payments evolved to meet customers' needs, particularly the small and medium enterprises.

Serey said the pandemic has contributed to the shift from cash to digital payments. There were over 8 million customers and more than 40,000 agents in the nation by December 2021.

Raymond Sia, Chairman of the Association of Banks in Cambodia, said: "Access to Finance is one of the prioritised agendas in the National Financial Inclusion Strategy (NFIS) 2019-2025."

"Covid-19 has adversely affected the social and economic growth in the past two years. It has affected the SMEs or businesses and the banking system, mainly banks’ assets, revenue, and growth. Nevertheless, our member banks have been continuously supporting SMEs and participating in the government’s co-financing schemes."

The Federation of Small and Medium Enterprises Associations in Cambodia (Fasmec) said over 5,00,000 small and medium enterprises exist in Cambodia.

According to Sok Voeun, Chairman of Cambodia Microfinance Associations, SMEs in the country have grown remarkably over the years. They play a significant role in fostering economic resilience, eradicating poverty, creating jobs and boosting national economic growth.

Financial institutions have helped the SME sector and supported their businesses to grow. However, some SMEs are still reeling under challenges in obtaining capital for their business.