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Cash available to unbanked in Cambodia

Categories : Cash connects people, Cash is the first step of financial inclusion, Innovation contributes to the efficiency of cash
August 19, 2016
Tags : ATM, Immediate transfer of value, Innovation, Mobile, Mobile phone, Unbanked
E-cash service enables Cambodian people to send money to their unbanked relatives via their mobile phones.
Communication Team / Equipo de Comunicación

New “E-Cash” service provided by Cambodian ABA Bank
enables people to send money to unbanked relatives via their mobile phones. The recipient receives a security code and additional parameters by message and simply has to enter the information in any of the 140 ATMs installed across the country to retrieve the cash. This initiative is part of the bank’s self-service strategy and aims to help unbanked people living in rural areas access money at any time. Since its launch last year, already 2,000 E-Cash withdrawals have been done, representing a total of $370,000.

ABA Bank’s cards and e-services Chief Officer Sanzhar Abdullayev stated that there was a strong need for creating a convenient and secure channel to transfer cash in rural zones as many Cambodian people work away and need to send money regularly to their relatives.

The bank was founded in 1996 and is owned by National Bank of Canada since July 2014.

To read Compass Plus article, click here.