3 September 2014
By the
year 2020, more than 1.5 million Cambodians will open new credit accounts,
causing the amount of unpaid loans to surpass $14 billion.
The CBC
predicts the number of customers demanding credit from both microfinance
institutions (MFIs) and banks to increase from roughly 1.8 million in 2014 to
3.3 million in 2020. The number of customers opening
credit accounts with MFIs is expected to rise from about 1.4 million this year
to 2.7 million in 2020. The number of customers opening credit accounts with
banks is set to increase from 371,966 in 2014 to 638,317 in 2020. The CBC
forecasts the total number of credit accounts, meanwhile, to rise from about
2.2 million in 2014 to 4 million in 2020.
The
predicted dramatic increases in demand for credit will more than double the
total outstanding balance of loans between 2014 and 2020, from $6.4 billion to
$14.7 billion. The average loan size is also expected to increase between 2014
and 2020: from $1,182 to $1,502 for MFIs and from $12,797 to $16,732 for banks.
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