Le projet

PLEASE NOTE: this is a project where the EUR proceeds will eventually be transferred as USD to the issuing entity. The issuer’s obligation is to pay back the USD amount plus interest. Their repayments in USD will be converted to EUR, which will be put on your wallet. It means that you run an exchange rate risk on this project. The return may be higher or lower than expected in advance. At the moment the interest rate differential between USD and EUR is such that the interest rate on USD projects is, net of conversion costs, between 0.5-1%point higher. Read here for more information.

Summary

First Finance (“FF”) is a Cambodia-based mortgage provider for low- and middle-income borrowers. FF operates under a non-deposit taking microfinance license from the National Bank of Cambodia (NBC). The company is owned by several national and international (impact) investors, among which Norfund and Insitor. Amongst its lenders are Oikocredit, Symbiotics, BlueOrchard and Triple Jump.

First Finance’s mission is to build economic stability of low-income Cambodian families by increasing access to home ownership. The company positions itself as “housing solutions partner”, not only providing finance but also providing legal advice, construction planning, and home purchase decision-making services.

First Finance focuses on low- and middle-income salaried employees or self-employed business owners. Its customers are predominantly employed as office or factory workers and civil servants.

The company is active in 85 (out of 165) districts and in 17 provinces (out of 25), through 9 branches, mostly in urban areas. First Finance reaches its clients through referral programs, direct marketing campaigns, public workshops on financing a home, partnerships and online media. First Finance also manages a call-center to provide consultation on property issues to existing and new clients.

The main products of the company are:

-        (First) home loans (mortgages)

-        Home improvement loans (loans for constucting a house on existsing land or to renovate an existing house)

-        Residential Land loans (loans for the purcahse of land for residential purpsose)

-        Home equity loans (loans for consumptive or productive use based on the value of an existing home)

Use of Proceeds

With this investment of EUR 96,000 local partner First Finance in Cambodia can provide loans to support 7 families of garment workers to purchase land for their first home.

Mission

The company’s mission is to build the economic stability of low-income Cambodian families by increasing access to home ownership through the provision of finance.

Vision

To help low-middle income families in Cambodia to live in dignity, security, happiness, and stability through home ownership.

Highlights or Awards:      

• In 2012, First Finance won an ASEAN Business Award in the category of Growth (for SMEs).
• In 2017, FF was selected as semi-finalist for the European Microfinance Award. The theme of the award is Microfinance for housing.