First Finance welcomed an exposure visit of senior management members from Musoni Microfinance Limited based in Kenya on May 9, 2019. The visit aimed to learn the micro-mortgage lending procedure for low and middle-income Cambodian families.
One full day meeting with First Finance’s management team was to deeply understand the credit assessment procedure of clients who have no clear financial report, procedure in product design (home loan, land loan, home construction/improvement loan), consultation to clients on risks in buying/selling properties and the process of loan application in tablet.
Musoni Microfinance selected First Finance for the visit because First Finance is the only microfinance institution in Cambodia that has specialty and experience for many years in offering micro-mortgages for low and middle-income Cambodian households who have little-to-no access to formal housing financial services. Most commercial banks only offer services to wealthier Cambodians.
The company was granted its license on April 23, 2009 by the National Bank of Cambodia, and became the first financial institution providing long-term Home Loans and Home Improvement Loans in Cambodia. With mission to build the economic stability of low-income Cambodian families by increasing access to home ownership, First Finance has designed the loans in the automated business model to provide a better service to clients, as well as long tenure of the loans up to 20 years.