Bakong processed about 1.32 billion retail transactions in 2025; riel volume +157.3% y/y
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Key points
- NBC payments annual book: about 1.32 billion Bakong retail transactions in 2025 (771 million in riel, 554 million in USD)
- Riel volumes +157.3% y/y and USD volumes +79.7%; 72 participating institutions
- Account ownership 39.0%; CBC data-sharing scope and eKYC rules will shape how far payments data can support lending
Implications
Facts
According to the NBC Payment System Department's 2025 annual book (published 24 May 2026), Bakong, the central bank's payment infrastructure, processed 771 million riel-denominated retail transactions in 2025 (+157.3% y/y) and 554 million USD-denominated transactions (+79.7%), about 1.32 billion in total 1. Bakong had 72 participating institutions, of which 56 were live and 16 were onboarding.
According to the NBC FSR 2025 (published 28 March 2026), Bakong transaction value rose +52.2% to KHR 899.1tn in 2025, while cross-border transaction value rose +235.3% to KHR 111.4tn 2.
Per the annual book, cross-border QR payments connect with Thailand, Laos, Vietnam, Japan and other countries in the region. In September 2026 the NBC signed a digital-payments cooperation MoU with the central bank of Timor-Leste.
On the regulatory side, the NBC published Technology and Cyber Risk Management Guidelines dated January 2026. Credit information is governed by the Prakas on Credit Reporting (26 June 2020).
On the user side, the World Bank Global Findex puts adult account ownership at 39.0% in 2024 3.
Analysis
Growth in transaction volume (+157.3% for riel) far outpaced growth in value (+52.2%), suggesting that Bakong and KHQR are spreading into small, everyday payments. Riel growth outpacing USD growth is consistent with the policy goal of promoting the national currency.
With account ownership at 39.0%, however, transactions are likely concentrated among people who already hold accounts. Payment data can inform credit decisions, but the data sit with individual banks and e-wallet providers, and no consent-based mechanism for cross-institution access, such as open banking, could be confirmed.
Counterpoints and uncertainties
NBC publications report differing e-wallet account figures. Transaction counts do not measure users. The scope of CBC data sharing (for example, telecom or utility data) and eKYC arrangements (national ID verification) will determine how far payments data can support lending.
Key figures
- Bakong retail payment transactions: about 1.32 billion (riel +157.3% y/y, USD +79.7% y/y). Annual number of Bakong retail transactions (riel 771m + USD 554m). Bakong retail payments. Basis date: 31 Dec 2025. Source: NBC Payment System Annual Book 2025 (2026-05-24)
- Bakong transaction value: KHR 899.1tn (+52.2% y/y). Annual transaction value. Bakong retail payments. Basis date: 31 Dec 2025. Source: NBC Financial Stability Review 2025 (2026-03-28)
FSR 2025, Executive Summary (p. vii).
- Account ownership (adults): 39.0% (up from 33.4% in 2021). Share of adults (age 15+) with an account at a financial institution or mobile-money provider. Population age 15+. Basis date: 31 Dec 2024. Source: World Bank Global Findex: account ownership (FX.OWN.TOTL.ZS), Cambodia
Sources
- NBC: Payment System Annual Book 2025 (2026-05-24)primary
- NBC: Financial Stability Review 2025 (2026-03-28)primary
- NBC: Technology and Cyber Risk Management Guideline (2026-01-01)primary
- NBC: Prakas on Credit Reporting (2020-06-26)primary
- World Bank: Account ownership (% age 15+) – Cambodia (Global Findex)primary
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A Japanese version of this article is available: 日本語版