Economic Institutions refers to community-owned organisations that enable the public to gain access to safe and affordable financial services. Having these organisations is beneficial for individuals because it gives them access to micro-loans to start a business, safe ways to save money and safer ways to increase their income or expanding their business.
Access to a bank account is something that is taken for granted in the developed world. In contrast, according to the World Bank 2017 Global Findex Database, a country such as Cambodia only has 22% of adults with a bank account. Economic Institutions play a key role in providing an environment that fosters a circular economy and enables people to start small businesses that can thrive because they leverage the local demand.
Cufa establishes member-owned financial cooperatives in the rural areas of countries where communities previously had no other services that could assist the needs of the poor and disadvantaged.
These provide a cornerstone for many of Cufa’s programs as it affords program participants with a place to access a bank account, savings, microfinance and financial education. Thus, these cooperatives become a necessity when dealing with education, enterprise and employment.
Current programs that incorporate economic institutions: