PRASAC 1, a development project funding by EU in 6 provinces with three different credit components.
Extension as PRASAC 2, combined into one project, one credit component.
First strategic decision to create a sustainable institution beyond the closure of PRASAC 2 project.
Head office and branch offices were separated from office of PRASAC 2, with separate management but remaining a part of the project.
Creation of PRASAC Credit Association, registered with the National Bank of Cambodia (NBC) in March 2002 as a rural credit operator.
Two initial shareholders, trust fund called CRDF which was created by PRASAC 2 and PRASAC Staff Company that was established by staff members in order to facilitate the transformation.
Registered as PRASAC MFI Ltd. with Ministry of Commerce as a private limited liability company and with a license from the National Bank of Cambodia (NBC).
The credit fund was transferred to the government and finally to PRASAC MFI Ltd. as subordinated debt with free interest and valid from December 2004.
Equity investment participation sought from commercial and social investors.
PRASAC completed its transformation by replacing CRDF with new five shareholders, BIO, DCG, FMO, LOLC, and Oikocredit. Particularly, PRASAC received a permanent license from NBC in December 2007.
PRASAC increased its capital to KHR 15 billion from 6 shareholders. PRASAC received an award for extending its financial services throughout the country.
PRASAC selected Oracle FLEXCUBE to modernize its core system in order to build competitive advantage, offer more diversified products, and prepare for the next level.
PRASAC obtained a microfinance deposit taking institution license from the National Bank of Cambodia.
PRASAC was rated by “Planet Rating”, which specializes in rating microfinance business, as “A- & Stable”.
PRASAC increased its registered capital from KHR 15 billion to KHR 80 billion with 5 shareholders: BIO, DGC, FMO, LOLC, and PSCo.
PRASAC increased its registered capital to KHR 188 billion which is roughly equivalent USD 47 million.
PRASAC earned grade “A & Stable” from Planet Rating, and PRASAC also received 3 outstanding awards from IDG on Security Initiative, Financial Performance and Retail Banking.
PRASAC just increased its registered capital up to KHR 288 billion or equivalent to USD 72 million.
By the end of the year, PRASAC earns total assets with amount of more than USD 1 billion.
PRASAC also earned Client Protection Certification from Smart Campaign in the response to the meeting adequate standards of care in how they treat clients. It enables financial institutions to demonstrate adherence to the microfinance industry’s Client Protection Principles.
In July 2016, PRASAC increased its registered capital up to KHR 440 billion or equivalent to USD 110 million among 5 shareholders: BIO, DGC, FMO, LOLC, and PSCo.