Amret's mission is to provide a wide range of financial services to low income people as well as micro, small, and medium enterprises while achieving a high level of financial and social performance. In fulfilling this mission, Amret contributes to economic and social development and improves the living standards of the Cambodian population. As a private microfinance operation licensed by the National Bank of Cambodia, Amret borrows from commercial banks and other institutions such as the Calvert Foundation. By May 2009, Amret had loaned to 230,445 borrowers and had a loan portfolio of US$ 55.60 million.
Amret products have been designed to meet its target clients in the local context. Amret presently offers the following Credit and Deposit products in both US Dollar and local currencies (Khmer Riel-KHR):
- Credit Products: Comprehensive credit packages that are specifically tailored to the needs of people around the country for a better and more secure future. Loans are granted either as Solidarity loans to groups of rural borrowers, or as individual loans to clients with physical collateral.
- Solidarity Loan: A micro joint-liability credit in local currency designed for groups or rural people who have a specific purpose of using this loan for general business activities in their family.
- Business Loan: A business loan is for individuals setting up a new business or expanding an existing enterprise.
- Home Improvement Loan: A home improvement loan that provides individuals with the necessary funds to carry out renovations or extensions to their existing house.
- Consumption Loan:A consumption loan is for individuals intending to purchase household goods or personal items. Customer can use this loan to pay for tuition fee to enhance the family members' capacity.
- Deposit Products:Flexible deposit products are designed so customers can get the most out of their investment and to make sure their money keeps growing with reliable service and more secure futures for themselves and their families.
- Happy Account:Happy Account is an easy, simple and convenient way to deposit and withdraw the money and earn interest.
- Goal Account:Goal Account is a simple contractual savings account with a small minimum monthly deposit target. Customer can choose the difference contractual amount or period for an opportunity to gain the desired inter rate. Only KHR20,000 or US$5 is needed as minimum deposit to open an account. Customers can earn annual interest rate up to 8.5% (for KHR) or 7.5% (for US$).
- Wealthy Account:Wealthy Account is designed for customers who have larger remaining cash for savings and with to deposit in long term to gain higher interest. Customers can choose the different period for an opportunity to gain different desired interest rate. Only KHR200,000 or US$50 is needed as minimum deposit to open an account. Customer can earn annual interest rate up to 10% (for KHR) or 8.5% (for US$).
85% of Cambodia's population of 14.65 million (2007) lives in rural areas, yet credit operations reach only a small fraction of the rural population. Amret works mainly with this sector. Their clients engage in various agricultural activities, handicrafts, small-scale trading, and services. In May 2009, Amret was present in 3,114 village associations in 14 of Cambodia's southernmost provinces. Women borrowers represent 83% of Amret's client base. Amret market share averages 30% in its operating areas and 80% of Amret's loans are used to finance agricultural activities.
Amret works with the underserved rural population in Cambodia. Although various loan funds exist in Cambodia, few are designed to serve such populations. Amret seeks to be accessible for those in need. Recently monthly interest rate is charged from 2.25 to 3.5% depending on loan size and type of currency. Amret has worked with over 230,445 customers, 83% of whom are women. They have established 4,091 operational villages in 74 districts and 14 provinces and loaned more than US$ 55.60 million. Amret gives people dignity to conduct their lives independently through the Village Association system and the financial resources to survive.
Amret has enabled Chhoeng Sophal to farm much more successfully and to significantly raise her familyís standard of living.With Amretís help, Chhoeng Sophal and her husband are now the proud owners 18 acres (0.18Hectares) of land, 3 pigs, a larger house, a motorbike and 2 bicycles, and they are also sending two children to high school. Full Story