Teachers Mutual Bank celebrates 10 years of social impact supporting financial literacy in Cambodia
Teachers Mutual Bank Limited today marked a decade of successful partnership with the Credit Union Foundation of Australia (Cufa) in delivering financial literacy education to thousands of children across Cambodia.
In a special ceremony in Phnom Penh in Cambodia, representatives from Cufa’s Children’s Financial Literacy (CFL) Program and its partners, including Teachers Mutual Bank Limited, the Australian Department of Foreign Affairs and Trade, National Bank of Cambodia and the Cambodian Ministry of Education, Youth and Sports, gathered to celebrate the program’s impact in equipping Cambodian children with vital financial skills and positive saving habits.
Teachers Mutual Bank Limited has been a long term supporter of Cufa and a partner of the CFL program since 2016, investing $469,000 to support the delivery of:
- financial literacy training to 45,103 students
- training for 1,065 teachers through 112 workshops
- 7,877 financial literacy lessons in 132 schools
- 3,214 outreach trainings, including home visits, to reach more than 7,527 students and parents.
Teachers Mutual Bank Limited CEO, Anthony Hughes, said: “As a bank who was founded by teachers, we’re proud to have played a part in supporting important financial education for young people in Cambodia over the last ten years.
“Through Cufa’s CFL program, more than 45,000 students have received financial literacy training and more than 1,000 teachers have been equipped with knowledge to continue financial education for future generations. This is where the benefit really multiplies.”
According to Cufa, Teachers Mutual Bank Limited’s financial support of the CFL program has generated a social return on investment of $3.7 million*.
Cufa CEO, Darian Clark, said: “Teachers Mutual Bank Limited’s decade of support for our Children’s Financial Literacy program has been pivotal in fostering a culture of greater financial awareness in Cambodia, particularly in terms of building children’s understanding of, and commitment to, saving.
“Together, we’ve planted the seeds for a financially empowered next generation in Cambodia.”
The impact of the program has been recognised by the Government of Cambodia, who has committed to integrating financial literacy into the national school curriculum, and as a result Cufa’s CFL program is drawing to a close.
In closing the partnership, Teachers Mutual Bank Limited has committed a $5,000 legacy investment, enabling Cufa to conduct teacher refresher workshops and provide new learning materials to five partner schools in the Svay Rieng province. This final phase of support aims to help local educators sustain and expand the impact of the program for years to come.
The partnership with Cufa is part of Teachers Mutual Bank Limited’s commitment to delivering its purpose of banking for good, for those that do good. Teachers Mutual Bank Limited supports the education, health, and emergency services industries through a range of programs and development opportunities.
*The SROI method measures the total amount invested in a project and makes comparisons to the benefits derived from the project outcomes. For more information and methodology, please refer to the CUFA Social Impact Report.