I’m currently staying in the city of Phnom Penh, but these last two days I have been out visiting the provinces, which is where CUFA engage most with the community. The areas are remote and credit unions are absolutely essential because the banks are too far away to access.
The credit unions are run entirely by volunteers. They don’t usually have a physical building, but are run underneath the Director’s house. There is no internet or mobile banking, no ATMs, no credit cards. Transactions are all done in person with cash and a passbook. Many people in these villages do not know how to read or write and do not have a signature, so they have to give a fingerprint instead of signing.
Credit unions pay interest on savings and also give out small loans. CUFA work with these credit unions to identify members who are the poorest of the poor and who are keen to change their situation by becoming a Village Entrepreneur (VE). They must show commitment and a clear business plan in order for CUFA to work with them. CUFA then finds Australian community investors who will sponsor an individual VE to start a small business with materials and ongoing training and support to ensure it is sustainable over the long-term.
I have met many VEs and their families over the last two days and have heard first-hand how they are now breaking the cycle of poverty and giving their children a good education.
The credit unions are run entirely by volunteers. They don’t usually have a physical building, but are run underneath the Director’s house. There is no internet or mobile banking, no ATMs, no credit cards. Transactions are all done in person with cash and a passbook. Many people in these villages do not know how to read or write and do not have a signature, so they have to give a fingerprint instead of signing.
Credit unions pay interest on savings and also give out small loans. CUFA work with these credit unions to identify members who are the poorest of the poor and who are keen to change their situation by becoming a Village Entrepreneur (VE). They must show commitment and a clear business plan in order for CUFA to work with them. CUFA then finds Australian community investors who will sponsor an individual VE to start a small business with materials and ongoing training and support to ensure it is sustainable over the long-term.
I have met many VEs and their families over the last two days and have heard first-hand how they are now breaking the cycle of poverty and giving their children a good education.
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| Chea is a member of Korkithom Credit Union and proudly showed me her vegetable farm... |
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| ...She is also in the process of building a chicken coop with the profits she has made so far. |
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| Yuth is a chicken and duck farmer and a graduate VE who was featured in the short film: 'How a chicken sent my children to school' |
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| Vanna sells fish from the markets on the back of her bicycle... |
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| ...She invited us over for tea. |
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| We bumped into this man with his mobile bakery and found out he is also a successful VE graduate. |
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| This member of Farmer Savings for Development Credit Union raises chickens. |
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| This family has opened up a grocery store under their house thanks to the VE Program. They also hosted us for lunch... |
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| ... it was delicious! |
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