Cambodia MFI loans hit USD 5.99bn, 1.53 million borrowers; IFC Board finds no breach

Implications

Facts

According to CMA's 2025 annual report (reported by Khmer Times on 7 July 2026 and posted on the CMA website), the microfinance loan portfolio reached USD 5.99bn at end-2025, up more than 15% y/y ¹. Borrowers numbered 1.53 million, 61% of them women. Deposits at the four licensed microfinance deposit-taking institutions (MDIs) were USD 2.99bn (+17.6% y/y), with 950 branches and 22,531 staff. Riel-denominated loans were USD 1.4bn equivalent, or 23.3% of the total.

According to the NBC semi-annual report (published 28 July 2026, reported by Xinhua), at end-June 2026 there were 58 commercial banks, 3 deposit-taking MFIs, 85 non-deposit-taking MFIs, 7 specialised banks and 88 rural credit institutions. The 2025 annual report had listed 59 commercial banks and 89 microfinance institutions (deposit-taking MDIs and non-deposit-taking MFIs combined).

In development finance, the IFC Board on 24 June 2026 found no breach of IFC policy in the CAO investigation concerning six IFC-invested MFIs and approved an action plan. According to Human Rights Watch, IFC had invested over USD 400m over a decade in Cambodian MFIs.

On capital-market funding, LOLC (Cambodia) listed a sustainability bond on the Cambodia Securities Exchange (Cambodia Investment Review, 11 September 2026).

Analysis

Against NBC-reported total loans of about USD 63bn, the CMA-reported microfinance portfolio is about one-tenth of the total (T&S calculation; coverage differs, so indicative only). CMA-reported growth (up more than 15% y/y) outpaces system loan growth (+4.1% y/y). Yet the FSR 2025 shows an NDTI NPL ratio of 13.5%, well above the DTI ratio of 8.3%: growth and asset-quality deterioration are running in parallel. Between end-2025 and June 2026 the counts of commercial banks and MFIs both declined slightly. CMA's 2025 report counts four deposit-taking MFIs, against 3 in the NBC's June 2026 count. Licence reclassification or consolidation may explain the difference.

Counterpoints and uncertainties

CMA's coverage (its membership) differs from NBC supervisory statistics, so share calculations are indicative only. Deal-level disclosures and individual MFI results will show whether foreign investors are adding to or exiting the sector. Specialised-bank counts in the annual report differ between outlets. Whether development-finance institutions become more cautious on new investment after the IFC Board decision is unclear.