AMK Microfinance Institution Plc

AMK Microfinance Institution PLC (AMK MFI) originated from the micro-credit & savings program of Irish NGO Concern Worldwide, originally established in the early 1990s. In 2002, Concern Worldwide decided to create a separate microfinance institution under the name Angkor Microheranhvatho Kampuchea (AMK) which subsequently became known and re-registered as “AMK Microfinance Institution Plc”. This move in 2002 was in line with the changes to Cambodian regulations in microfinance, as well as developments in the microfinance market. In July 2003, AMK began operating independently of Concern and subsequently received its microfinance license from the National Bank of Cambodia in 2004 to offer microfinance services across Cambodia. By 2005, AMK had made its first operating profit, had its first external debt funding approved, and had created a social performance management mechanism. In the following years, AMK experienced rapid growth in its core credit business, extending its branch network to every province of the country. By 2009, it was operating in all provinces of Cambodia and had become the largest lending institution in Cambodia in terms of borrower numbers. In 2010, AMK began a strategic transformation, from a rural credit-only business into a broader provider of microfinance services. This strategy was driven by the ambition to provide a wider array of financial services to Cambodia’s under-served population and thereby further assist them in improving their livelihood options. Towards this goal, 2010 was a milestone year when AMK received its license from the National Bank of Cambodia as a Microfinance Deposit-taking Institution (MDI). During 2011/12, with approval from the National Bank of Cambodia, AMK pioneered Branchless Banking by offering deposit products to low-income households through an agent network. This service specifically targeted households who may not have been able to access the same service at any bank or MDI office. In 2011, AMK added money transfers to its service offering across it branch and agent network, targeting small domestic transfers with a competitive fee structure. In 2013, AMK introduced ATMs/CDMs, a channel which has subsequently been expanded to all branches. In 2014, AMK began offering health and accident insurance policies (in partnership with the largest private insurer in Cambodia) to AMK’s loan clients as a pilot, which was then rolled out across the country in 2015. Over 80% of AMK’s clients now take out insurance policies for themselves and about 25% buy additional policies for their spouse. In the same year, AMK started its digital transformation. The first digital transformation project was its lending business. AMK developed an inhouse loan origination system which allowed loan officers to conduct business in the field with their clients wirelessly via a Tablet. It is not only allowed for better information to be captured but simplified the whole loan origination process in AMK, l

Vision AMK’s long-term vision is of a Cambodian Society where citizens have equal and sufficient economic and social opportunities to improve their standards of living and where they can contribute productively towards the overall development of the country. Mission To provide a range of responsible financial services to our clients from varying economic segments, particularly low-income households and women, to help them to achieve their financial and household aspirations.