22 July, 2015: A Memorandum of Understanding signing ceremony for the new partnership between VisionFund Cambodia and Human Resource University (HRU) was held at campus of HRU, Phnom Penh. There were participants from both partners include Mrs. Top Sok Samphea, Chief Operating Officer of VisionFund Cambodia, H.E. EK Monosen Rector of Human resource University and other representative leaders from both partners and other 100 students of Human Resource University.
Mrs. Top Sok Samphea, Chief Operating Officer of VisionFund Cambodia, said “The collaboration of these two organizations aims to contribute to the educational sector as well as to support the educational pursuits for Cambodian youth. Through the education loan at an acceptable interest rate, students who are not able to afford the tuition fees are able to earn a Bachelor, Master Degree or vocational training who meet obstacles in financing the purchases for school materials to obtain a better quality of education and to accomplish a brighter future.
The Education Loan size is from US$100 to US$3,000 with terms of 3 months to 84 months with an interest rate of 1.3% per month which is an acceptably low rate among other MFIs in Cambodia. VisionFund has provided education loans since 2011 and we have served thousands of students with loan portfolio of US$500,000.
HRU was established in 1998 and it employs 80 staff with 8,000 current students on campus. HRU is a recognized university to provide a better quality of education among other private institutes; there have 9,000+ graduates since the universities establishment. HRU is an authorized educational firm registered by Ministry of Education, Youth, and Sport and provides a wide rank of education includes Bachelor, Master, Doctoral Degrees and many other vocational courses.
“We hope that this cooperation of the two organizations will deliver a greater result to enable students who meet financial obstacle for pursuing higher education through education loan from VisionFund Microfinance Institution’’, said H.E. EK Monosen Rector of Human Resource University. He added “On behalf of Human Resource University, we are very thankful for Mrs. Top Sok Samphea, COO of VisionFund Cambodia for collaborated with us. We believe that this collaboration will succeed in following the missions of both partners”.
Each year, VisionFund Cambodia usually recruits 500 staff on average and provides opportunities to students to apply for internships through which they acquire knowledge and develop practical experiences.
VisionFund also collaborate with some universities and other institutions such as Build Bright Universiy,Cambodian University for Specialties, Learning for Success Institution to elevate access to education in Cambodia.
Taking this opportunity, VisionFund also presented its new offered benefit on its savings product of VisionFund which is called “Double Safety”. Deposit with VisionFund and you will earn an interest rate of up to 12% plus free Health and Life Insurance for up to one year.
VisionFund Cambodia is a licensed Microfinance Institution by National Bank of Cambodia (NBC) in 2004 and granted MDI Microfinance Deposit taking license in 2011; and it is a leading Microfinance Institution on social missions in Cambodia that has a global network of 35 countries which provide financial services such as loans, savings products, and money transfer services in all operating provinces across country. VisionFund Cambodia employes more than 1300 staff, and serve 237,891 families with a loan portfolio of over US$105 million and 41,870 savers with almost US$19 million in savings value as of June 2015. This means that it provides a positive impact on nearly 800,000 children.