New Study Supports LOLC Cambodia In Promoting Positive Changes In Their Clients’ Lives
Respondents of a new study have testified as to how LOLC Cambodia is contributing to positive changes in their lives. The results are based on a comprehensive Client Self-Perception Survey conducted in May 2024, which involved 765 respondents across nine branches, each of them providing valuable insights into the financial and non-financial changes in their lives over the past year.
The study showed that 97 per cent of respondents felt that LOLC had a positive influence on their well-being, highlighting the institution’s efforts towards supporting communities across Cambodia. The study was conducted with the support of Oikocredit, a global cooperative and social impact investor.
The results are generally representative of LOLC clients from LOLC branches in the Coastal, Plain, Tonle Sap, Plateau and Mountain regions. The demographics of the respondents included 61 per cent female clients. Respondents reported not only improvements in their financial standing but also a sense of empowerment; for respondents who experienced LOLC’s positive influence, this was most often attributed to LOLC’s positive contribution towards improving clients’ household decision-making power.
Key Findings Underscore Multifaceted Outcomes Among LOLC Clients
Income Growth and Financial Security: 66 per cent of respondents say they experienced income growth in the past year, with 82 per cent attributing this growth in part to LOLC’s financial services. Additionally, of the 39 per cent respondents who said they had savings, most (71 per cent) reported improvements in their financial security. This confirms the important role of savings in promoting longer-term financial stability.
Entrepreneurial Empowerment: The study showed that the majority of clients surveyed, 73 per cent, were entrepreneurs. Of these, 41 per cent had expanded their businesses by adding new products or services over 12 months and in addition; an impressive 80 per cent had increased their income.
Improved Quality of Life: The study also revealed potential positive ripple effects. Respondents who experienced an increase in income over 12 months were 17 per cent more likely to invest in improved living conditions, such as housing improvements, toilets and sanitation improvements, basic facilities and internet.
Health and Food Security: Additionally, 100 per cent of respondents reported that they were eating regularly, and 66 per cent said they were also eating nutritiously. This confirms that respondents were able to meet their basic food security requirements over 12 months.
”This study reaffirms the valuable contribution LOLC is making to driving economic and social progress for our clients in the nine branches surveyed," said Sok Voeun, CEO of LOLC Cambodia. ”We are committed to providing financial solutions that empower individuals and businesses, and we are proud to see the tangible positive outcomes reflected in this report."
Beyond highlighting how LOLC’s clients have experienced their products and services, the study revealed opportunities to increase clients’ resilience by further promoting savings. The results will also enable LOLC to pursue innovations for developing new products and services which meet clients changing needs, for example to address clients’ important environmental needs that were captured by the survey.
Through its innovative financial products and unwavering dedication to its clients, LOLC Cambodia continues to play a pivotal role in fostering sustainable development and financial inclusion.
This press release was supplied.