Youth Saving’s Movement in Phnom Penh

“Saving Group”, this concept has been existing in Cambodia many years already and this model has been implemented in many regions in Cambodia. So far, just only the saving groups and associations supported from CEDAC (Cambodian Center for Study and Development in Agriculture) is already more than 2000 groups. They are still existing and keeping their active management. It is not what many people consider as “Tong Tin”. In my old article explained already what the saving group is.

Reminding about the history of establishing youth saving group in Phnom Penh, a group of CAN youth network went to different villages to learn the saving model and practice and consulted with CEDAC President and senior advisers for feedback and comments in establishing saving group. In November 2009, the first youth saving group in Phnom Penh- Friends Help Friends Saving Group (FHF) was established with 10 members (3 were females) and total capital 200 USD. Afterward, there were more youth saving groups in Phnom Penh have been established such as: CAN Youth Team Saving Group (CYTS), Community Management Course Saving Group (CMCSG), Ladies Saving Group (LSG), Saving for Our Future Saving Group (SOF) etc. Most of them are keeping their active management, participation and leadership. In the purpose of mutual help and consultation, those saving groups initiated to form “Friendship Saving Federation (FSF)” in 2010. So far, FHF, CYTS, CMCSG, LSG and SOF are members of FSF. The federation is lead by committees who are elected every 2 year, while other members are the committees from each group.

On 08th March 2013, The Friendship Saving Federation organized their first meeting in year 2013 for keeping update the situation of each group member, sharing, and discuss possible solutions and recommendation for improving and solving problems in the respective saving groups.

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What is impressed is the progress of youth saving groups in Phnom Penh. In total, there are:

– 219 members

– 88,727.47 USD as total capital

– 1,448.86 USD as monthly interest profit

– 3,207.51 USD as monthly saving

– 93,903.58 USD as total loan

– 5176.11 USD as total external deposit

We all are impressed to see the progress of youth saving group in Phnom Penh. Within 3 years period, we have increased our capital, members, awareness on saving group, and public appreciation. This result reminds us the old saying: “Think Big, Start from Small”. What we really acknowledge and grateful are our senior generation, role models and colleagues for their motivation, emotional support and advices as great contribution to our saving group. We are keeping learning, practicing, managing and leading this social oriented and financial oriented model.

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