31 March 2014
Aeon Microfinance (Cambodia) plans to expand its
branches in Cambodia this year and also diversify its products from the current
base after two years of operating in the Kingdom.
Until now, the microfinance institution (MFI) which
is part of the same Japan-based conglomerate building a mega-mall next to the
Sofitel in Phnom Penh has provided financing for motorcycles, home appliances,
computers and mobile phones. Aeon official said last week that Cambodia is a
high-growth market. Aeon says it has received a total of 50,000 applications
for loan installments since starting up in December 2011 and now gets about
3,500 new applications every month. The outstanding loan portfolio was about
$2.2 million at the end of 2012, and increased almost five-fold to $10.9
million by the end of 2013.
Aeon business expansion in Cambodia is quite
successful and this year they expect the sales to reach $24 million, which will
increase 163% from 2013 since the company is focusing on mobile phones,
electric appliances and motorbikes, demand from younger applicants has
increased.
At the same time, Aeon is heading in new
directions. This year they will expand to the agriculture equipment such as
cultivator or big tractor. Aeon’s other new service is the personal loan. Since
March, the firm has been allowing customers to apply for cash loans without
putting up any collateral at interest rates of 2.7% to 2.9% per month.
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