Cambodian Community Savings Federation was previously known as a Small Economic Activity Development project of CARE Cambodia, financially supported by AusAID thru CARE Australia. The project has been transformed on 1st January 2003. CCSF is a first pioneer of Credit Union Model in Cambodia since January 1998, promoting savings and thrift habits based on nine international operating principles of Credit Unions. In practice, CCSF operates as a federation of credit unions by virtue of its registration with the Ministry of Interior of the Royal Government of Cambodia on 6th December 2002. It also operates as a rural microfinance service provider by virtue of its registration with the National Bank of Cambodia on 7th March 2003.
CCSF is the first pioneer of credit union in Cambodia,
empowering local rural low-income families to form micro-finance organizations
at the community base level, which are owned, managed, and controlled by the
members themselves.The CBMIFOs enable villagers to manage their own financial affairs.
This initiative also had a positive effect on re-building trust and confidence
in war-torn villages. Today, CCSF works in partnership with 25 CBMIFOs to support more than 50,000 members and their families across Battambang and Banteay Meanchey provinces. CCSF envisages itself as a
sustainable community-based microfinance
organization involved in poverty alleviation.
To provide affordable financial services nearby to the members, thus improving their living standard and contributing to the social and economic development of their local communities.
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I hope this goes some way to breaking the cycle of poverty so that they can support their children through their own initiatives.
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