Terms and Conditions

(Updated: 01 June 2022 / Effective From: 15 June 2022)

I. Introduction​

The general terms and conditions of use of products and services of PRASAC Microfinance Institution Plc. hereinafter called “PRASAC” is created for all PRASAC’s Clients hereinafter called “Client” to understand more about terms and conditions of use of products and/or services of PRASAC hereinafter called the “General Terms and Conditions” before applying for products and services of PRASAC.

From the date of signing any application form to use products and/or services of PRASAC and in case the Client instructs PRASAC without using any PRASAC’s application form or document, the Client is assumed to have read and accepted all terms and conditions stated in this general terms and conditions and other specific terms and conditions of each product and/or service provided by PRASAC.

The Client may directly call our Call Center at 023/086 999 911 or approach our professional staff at any office for further detailed information if he/she is not clear about any point stated in this General Terms and Conditions.

II. Key Terms
– PRASAC: Refers to PRASAC Microfinance Institution Plc.
– Client: Refers to account holder(s) or non-account holder(s) who uses PRASAC Products and Services
– Account: All type of accounts which the Client opened with PRASAC.
– ​Joint Account: Any account jointly opened in the name of two or more persons.
– Account Holder : Refer to individual person(s) or entity(s) who open account(s) with PRASAC.
– Joint-Account Holder​: ​Refer to Client who jointly open account(s) as joint account member(s).
– Deposit : A sum of money in bank account held with PRASAC.
– Account Statement : A summary report of banking transactions occurred within a given period of time.
– Account Documents​: Any document including but not limited to the passbook for Saving Account, the certificate for Term Deposit Account or any other forms/applications created by PRASAC.
– Force Majeure: Refers to any event that are unforeseeable external to the parties, and unavoidable which prevent any party or both parties from performing its obligation as stated in this Agreement such as volcano, flood, earthquake, hurricane, terrorism, riot, war…etc.
– Identification Documents​: Any legal document issued by relevant authority, which may be used to proof a person’s identity. The identity documents that is acceptable to PRASAC include, but not limited to, the Cambodian National Identity Card, passport, birth certificate, and/or other Certification Letter issued by relevant authority.

III. General Terms and Condition of Use of PRASAC Products and Services

  1. Account Opening
    1. When opening an account with PRASAC, the Client is required to fill in account application form, provide specimen/thumbprint, identification document(s) and other required document(s) requested by PRASAC.
    2. The Client agrees to maintain minimum account balance as per PRASAC’s requirement.
    3. To open an account through PRASAC Mobile Banking Application, the client is not required to fill out an application forms, but the client has to comply with the Terms and Conditions which presented in the PRASAC Mobile Banking Application or other electronic methods provided by PRASAC before making decision of account opening.
  2. ​Joint Account​
    1. ​Joint account​ ​i​s ​a​ ​kind​ o​f​ ​individual​ ​account​ ​which​ ​i​s ​jointly​ ​own​e​d​ ​by​ ​at least​ 2 ​account holder​s.
    2. ​Each​ ​such​ ​person​ ​shall​ ​be​ ​deem​e​d​ ​as​ ​account holder​ o​f​ ​that​ ​account​, ​and​ ​shall​ ​be​ ​jointly​ ​responsible for​ ​all​ ​obligation​s or ​liabilities​ o​f​ ​that​ ​account​ ​toward​ ​P​R​A​SAC​.
  3. ​Dormant​ ​Account
    1. ​An​ ​account​ ​will​ ​be​ ​treat​e​d​ ​as​ ​dormant​ ​account​ ​if​ ​it​ ​does​ ​not​ ​have​ ​any​ ​transaction​, ​other​ ​than​ ​t​h​e​ ​transaction​s ​mad​e​ ​by​ ​P​R​A​SAC​, ​within​ ​a​ ​period​ o​f​ 365 ​consecutive​ ​day​s.
    2. T​h​e​ ​Client​ ​authorize​s ​P​R​A​SAC​ ​to​ ​debit​ or ​deduct​ ​any​ ​fees​ ​related to​ ​dormant​ ​account​ ​from​ ​t​h​e​ ​Client​’s ​account​ ​at​ ​P​R​A​SAC​’s ​sole​ ​discretion​.
    3. ​T​h​e​ ​Client​ ​also​ ​acknowledge​s ​and​ ​agree​s ​that​ ​any​ ​dormant​ ​account​ ​with​ ​zero​ or ​under​ ​zero​ ​balance​ ​will​ ​be​ ​automatic​ally​ ​closed​ ​by​ ​P​R​A​SAC​ ​without​ ​prior​ ​notice​ ​to​ ​t​h​e​ ​Client​.
    4. ​​In​ ​accordance​ ​with​ ​t​h​e​ ​Law​ on ​Banking​ ​and​ ​Financial Institution​s, ​P​R​A​SAC​ ​i​s ​require​d​ ​to​ ​transfer​ ​fund​s o​f​ ​any​ ​Client​s’ ​account​ ​which​ ​have​ ​no​ ​transaction​ ​for​ 10 ​consecutive​ ​year​s ​to​ ​the National Bank of Cambodia​ ​for​ ​continue​ ​administration​.
  4. Require​d​ ​Information​ o​f​ ​Account holder
    1. ​​When​ ​request​in​g​ ​for​ ​opening​ ​any​ ​account​ ​and​/or u​sing​ ​any​ ​service​ o​f​ ​P​R​A​SAC​, ​t​h​e​ ​Client​ ​i​s ​require​d​ ​to​ ​provide​ ​his​/​her​ ​personal​ ​information​ ​to​ ​P​R​A​SAC​ ​base​d​ ​on request​ ​and​ ​t​h​e​ ​Client​ ​shall​ ​ensure​ ​t​h​at all​ ​information​ ​provided​ ​to​ ​P​R​A​SAC​ is ​true​, ​correct​ ​and​ ​up-to-date​.
    2. ​In case there is any change to the provided information, the Client must immediately inform in writing to PRASAC.
    3. ​The Client acknowledges and allows PRASAC to provide their information to third parties in any certain circumstance, which is required by PRASAC, by the order of the court or competent authorities.
    4. ​The Client agrees to cooperate and provide all relevant supporting documents to enable PRASAC to comply with its obligations for Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT).
  5. The Request for Amendment of Client information and the Client Notification
    1. The Client can request PRASAC in writing to amend or update his/her information.
    2. PRASAC is not liable for any damage or loss resulted from any change of personal information made by the Client without giving any notice to PRASAC.
    3. The change of information can be adding or removing joint account holder(s), the change of account mandatory instruction, account holder’s identification document, phone number, e-mail and/or any other information, which is different from their initial information provided to PRASAC when opening account.
  6. Deposit
    1. ​​PRASAC allows the account holder to deposit by cash, check or transfer from any account or any other methods approved by PRASAC.
    2. Client can deposit money at any counter, POS Terminal, Cash Deposit Machine and any other means that PRASAC will have them available in the future.
    3. ​In the event that PRASAC receives counterfeit, old, torn, damaged or deformed note via the Cash Deposit Machine (CDM), PRASAC reserves the right to hold the payment transaction or withdraw the note or contact the Client to replace new note(s), or decrease value of the notes. PRASAC reserves the right to block balance of any suspicious note until the customer comes to solve the problem, reverses transaction, or authorizes PRASAC to automatically charge fee in case the customer does not come to solve the problem per request from PRASAC.
    4. PRASAC may also reject any deposit transaction(s) in case PRASAC suspicious the source of that fund.
    5. The Client agrees to pay fee charge for cross branch transaction (if any) based on the rate determined by PRASAC.​
  7. Transfer / Withdrawal
    1. The Client may withdraw or transfer fund from his/her own account held with PRASAC by filling in withdrawal or transfer slip properly at any PRASAC’s office.
    2. Withdrawals or Transfers via PRASAC Mobile Banking Application and / or ATM card are allowed if client requests to use by following its specific terms and conditions.
    3. ​The Client may request to withdraw or transfer fund from his/her account with different currency, unless otherwise agreed by PRASAC, and PRASAC’s standard exchange rate will be applied.
    4. The Client agrees to pay fee charge for cross branch withdrawal/transfer per PRASAC prevailing rate, which is available at any PRASAC branch or official website:​ ​w​w​w​.​p​r​a​sac​.​co​m​.k​h.​
    5. PRASAC reserves all rights to reject any withdrawal or transfer transaction if the Client does not properly fill in withdrawal or transfer slip, or the account is blocked or frozen by the order of court, the National Bank of Cambodia, or any other relevant authorities.
    6. ​In the event of Client’s death, the Client agrees and allows PRASAC to exercise its discretion to disclose information, withdraw or not withdraw money from the Client’s account(s) to children and/or spouse and/or parent(s) of the Client. Withdrawals are possible based on PRASAC policies or court order(s).
  8. Overdraft Facility (Minus balance withdrawal)
    1. ​The account holder shall always maintain credit balance (greater than zero) at all time or at the minimum balance requirement determined by PRASAC except otherwise PRASAC agrees to provide overdraft facility to the Client.
    2. The interest shall be daily calculated based on the total amount overdrawn multiply by standard overdraft interest rate from time to time determined by PRASAC. The unpaid interest will be capitalized each month and added to principal for the purpose of subsequent interest calculation.
    3. The Client agrees to repay for any overdrawn amount at any time upon demand by PRASAC.
  9. Payment Order
    1. ​The account holder may submit his/her written payment order to PRASAC’s office or PRASAC Mobile Banking Application or ATM Card by providing sufficient and correct information of the beneficiary.
    2. PRASAC is not liable for any loss due to improper or insufficient information provided by the Client on payment order.
  10. Blocking Account

    PRASAC will block the account of the Client if:

    • There is a written request made by the Client
    • ​Client’s request through phone call to Customer Service Officer (Call Center) either PRASAC client or other bank clients in case client transfers or deposits to wrong account number at PRASAC.
    • By the order of the court, the National Bank of Cambodia or competent authorities.
  11. Unblocking Account

    ​PRASAC shall unblock the account for the Client if:

    • PRASAC obtains written request made by the account holder (in case the account was blocked upon the Client’s request), or
    • ​Accordingly to the resolution on dispute of transferring or depositing to wrong account number or
    • By the order of the court, the National Bank of Cambodia or competent authorities.
  12. ​Service Fees
    1. ​​The account holder is obliged to pay all applicable fees and charges as defined in PRASAC standard rate based on the types and conditions of products and services.
    2. PRASAC shall debit the above service fee from the Client’s account without obtaining prior approval from the Client such as but not limit to the penalty fee, interest, tax, commission and any other fees payable by the Client to PRASAC.
    3. The Client may find PRASAC standard pricing or service fee list at any PRASAC branch or PRASAC website at www.prasac.com.kh or contact our call center via 023/086 999 111.
  13. Interest Rate on Deposit
    1. PRASAC will calculate and credit all accrued interest amount into Client account based on standard interest rate of each account type defined by PRASAC.
    2. Interest will be calculated daily on outstanding balance divided by 365 days per annum and based on the currency of the account.
    3. The accrued interest will be credited into the Client’s account monthly, yearly or at the maturity date based on specific account type when Client opened with PRASAC.
  14. Service Fee, Interest Rate, Limitation, Conditions Amendment and Notification
    1. PRASAC reserves the right to amend the service fees, interest rate, limitation and/or other terms and conditions applied to the Client’s account with prior notice to the Client as required by law.
    2. Without written complaint(s) from the Client during the above notice period, it is assumed that the Client agrees and accepts the amendment(s) immediately from the effective date of the amendment(s) published through one of below channels:
      (1) PRASAC Office and/or
      (2) PRASAC Official Website and/or Social Media and/or
      (3) SMS or E-mail
      (4) Advertisements on Newspapers, magazines, PRASAC Mobile Banking App, or other methods chosen by PRASAC etc…
    3. The Client is assumed that he/she has received a notification immediately after PRASAC has publicly announced via any of the above channels.
  15. Withholding Tax (Tax on Interest)
    1. ​The Client is obliged to pay all relevant taxes in connection with interest earned from deposit.
    2. ​The Client agrees and authorizes PRASAC to directly withhold the tax amount from his/her accounts without obtaining any consent from the account holder.
    3. The withholding tax shall be made at the time PRASAC credits interest into the Client account based on actual tax rate determined by relevant Laws or Regulations.
  16. Exchange Rate
    1. Any transaction made with different currency, the Client agrees and accepts PRASAC standard exchange rate at the time of transaction.
  17. Account Closing
    1. ​Any request to close an account shall be made by the account holder or by law or competent authority.
    2. ​Any request to close an account within 03 months from the account opening date, the Client agrees to pay service fee as determined by PRASAC.
    3. ​The Client agrees that any termination or redemption of any term deposit account before the maturity date, the interest to be earned will be decreased and PRASAC reserves all rights to determine the new interest rate for the Client.
  18. ​Account Documents (Savings Passbook/Certificate of Term Deposit)
    1. The Client may request a savings passbook or customer account information card and/or a certificate of term deposit account, but the service fee will be determined by PRASAC.
    2. The Client shall examine their account statement shown in the savings passbook and/or certificate of term deposit and shall immediately notify PRASAC within 14 days from the printing date if any discrepancy or alteration is found.
    3. ​Without any notification from the Client, the account statement shall be considered correct and the Client has no rights to object or claim for any remedy against PRASAC.
    4. PRASAC has the rights to make any adjustment to the erroneous entry in the saving passbook and such adjustment shall be immediately effective and valid for the Client.
    5. ​If the passbook or certificate is lost, the Client shall notify PRASAC immediately in writing by specifying the time, date and place of the losing.
    6. The Client will receive a new passbook or certificate of term deposit as replacement to the lost one, but he/she has to pay for a service fee set by PRASAC.
    7. ​PRASAC shall not be liable to the Client or any third party if there is any transaction occurred before the date of notification.
  19. Account Statement
    1. ​PRASAC will provide account statement to the Client upon request.
    2. ​The Client shall examine their account statement shown in the account statement and shall immediately inform PRASAC within 14 days from the printing date if any discrepancy or alteration is found.
  20. ​Rights to Offset​
    1. In addition to other specific agreement, PRASAC is entitled to debit any debt from the Client account without giving any prior notice. PRASAC will deduct any debt owed by the Client even though it is a joint or separated debt.
    2. PRASAC reserves all rights to adjust or debit from the Client account for any deposit, withdrawal, transfer or any payment made with technical error or dispute’s transaction of transfer or deposit to wrong account without obtaining approval from the Client.
  21. Service Disruption and Force Majeure
    1. ​PRASAC is not liable for any damage or loss arising due to system or equipment disruption.
    2. Likewise, PRASAC shall not be responsible for any damage because of failure to perform its service or obligation due to force majeure.
  22. Professionalism and Confidentiality​
    1. PRASAC shall strictly keep all Client’s information confidential.
    2. ​Without Client authorization, PRASAC will not release any personal information to any other third party, unless such request is required by law or competent authority.
  23. Anti-Money Laundering and Combating the Financing of Terrorism and Crimes
    1. ​PRASAC is obliged to fully comply with the laws and regulations related to Anti-Money Laundering and Combating the Financing of Terrorism and Crimes.
    2. PRASAC, at its sole discretion, may take any appropriate measure in order to comply with the laws and regulations in force.
    3. ​The Client acknowledges and agrees that PRASAC may delay, block or refuse to process any transaction if PRASAC suspects that:
      • ​The transaction may breach any Cambodian or International law.
      • The transaction may be directly or indirectly involved with process or the purpose of performing unlawful conduct.
  24. ​Law​
    1. ​All provisions in this general terms and conditions shall be implemented in accordance with the laws and policy and procedure of PRASAC.
    2. ​Invalidity or unenforceability of one or more provisions of this general terms and conditions shall not affect any other provisions of this general terms and conditions.
    3. ​Any dispute that may arises from the difference in interpretation of this General Terms and Conditions between the Client (account holder) and PRASAC, shall be interpreted based on laws of the Kingdom of Cambodia.
    4. ​All products and services of PRASAC shall be implemented based on this General Terms and Conditions. In case any provision in this terms and conditions contradict to the provision in the specific terms and conditions, the Specific Terms and Conditions of each product and service shall prevail.
    5. ​This General Terms and Conditions are made in Khmer and English. In case there is any conflict or inconsistency between the two versions, Khmer language shall prevail.
  1. Introduction
    1. The Terms and Conditions of using of PRASAC Mobile Banking Service hereinafter referred to as “Terms & Conditions” is an agreement between the Client and PRASAC Microfinance Institution Plc hereinafter referred to as “PRASAC” in connection with the use of PRASAC Mobile Banking Service.
    2. Please carefully read the “Terms and Conditions” before clicking “Agree” to register to use the PRASAC Mobile Banking Service.
    3. When you click “Agree”, it means that you have read and accepted all the terms and conditions as per stated on these terms and conditions, and you are fully responsible for using PRASAC Mobile Banking Service.
  2. Key Terms
    Word “You or Client”: Refers to account holders who have registered to use the PRASAC Mobile Banking Service.
    PRASAC Mobile Banking Service: Refers to PRASAC Mobile Banking Application “PRASAC Mobile Banking App” that allows you to register and make financial transactions securely on your accounts anywhere and anytime (24/7), which include transactions: Fund Transfer, Bill Payments, Mobile Top Up, Payment for goods / services, Check Account Balance or Open Term Deposit Account, etc.
    Account: Refers to any Savings Account that you have opened with PRASAC. It can be a Savings Account, Unfixed Deposit Account, Flexi Growth Savings Account, Payroll Account, etc.
    PIN: Is a 6-digit Personal Identification Number (Numeric) that is determined directly by you when you register for using PRASAC Mobile Banking App. This PIN is used to login to PRASAC Mobile Banking App.
    ​Dynamic Code or One Time Password (OTP): Is another 6-digit number code that is automatically generated by the system and send to your Mobile Phone number to approve registration for using PRASAC Mobile Banking App or authorize financial transactions which perform via PRASAC Mobile Banking App. This OTP code is valid for one time use only or one transaction and will be expired within 1 minute.
    Fingerprint/Facial Recognition: Is a security system of Fingerprint or Facial recognition on Mobile Phone to identify clients when accessing phone or using PRASAC Mobile Banking App in addition to using a PIN. You can set for accessing your PRASAC Mobile Banking App with Fingerprint or Facial Recognition unless you have set this security when accessing your Mobile Phone in advance.
    QR ​Code​: Is a Quick Response Code which represents your Account Number or third party’s Account Number. It is used for receiving money or paying goods / services via Scan QR Function.
    ​Cash-by-Code: Is a type of Fund Transfer from Account to Phone Number, and you will be given a 6-digit code to withdraw cash through PRASAC’s ATM machines or PRASAC’s POS (ATM Card is not required).
    ​Account Statement: A summary report of banking transactions occurred with your account that you can view via PRASAC Mobile Banking App.
    Force Majeure: Refers to any event that is unforeseeable and external to the parties, and unavoidable which prevent any party or both parties from performing its obligation as stated in this Agreement such as volcano, flood, earthquake, hurricane, terrorism, riot, war…etc.
  3. Key Features of PRASAC Mobile Banking App
    • Fund Transfer between PRASAC Accounts
    • Fund Transfer from PRASAC Account to Bakong Wallet (Intra-bank or Interbank)
    • Interbank Fund Transfer from PRASAC Account to Bank Account via Bakong Payment System or Retail Pay System
    • ​Interbank Fund Transfer from PRASAC Account to Phone Number via Retail Pay System
    • Cash-by-Code
    • Bill Payment of Water, Electricity, Solid Waste, Education, etc.
    • Mobile Top Up
    • Open Term Deposit Account
    • Schedule Fund Transfer and Bill Payment
    • Payment for Goods/Services by scanning QR Code / KHQR Code (Intra-bank or Interbank)
    • ​Check Balance or Account Statement​
    • View Term Deposit Account and Loan Account
    • View Exchange Rate​
    • Block or Unblock ATM Card​
    • ​Change PIN​
    • Self-New PIN Reset​
    • ​View ATM & Branches location
    • ​Create template of Fund Transfer and Bill Payment
    • ​Other Information or new functions that will be launched in the future, etc.
  4. PRASAC Mobile Banking App Registration
    1. Registration Requirement
      2. a) Individual clients aged at least 16 years old.
      b) Have a Savings Account with PRASAC
      c) Must have a Smart Phone running on iOS or Android and a fully licensed phone number under your own name plus phone device and sim card number must be plugged-in together.
      d) Require to install PRASAC Mobile Banking App on your Smart Phone with a valid phone number officially registered with PRASAC at the time of account opening.
      e) Require to correctly enter some necessary information such as Account Number, Date of Birth and Phone Number by following our registration guideline.
      f) Require to determine your own 6-digit PIN to access PRASAC Mobile Banking App and/or enable Fingerprint / Facial Recognition to increase your security when login with PRASAC Mobile Banking App.
      g) Agree with Terms and Conditions for using PRASAC Mobile Banking Service.
    2. During the process of registration of PRASAC Mobile Banking App, you will receive a 6-digit (One-Time Password or OTP) sent message from the system to your mobile phone number officially registered with PRASAC to approve the registration of PRASAC Mobile Banking App.
    3. After successfully registering, you can use PRASAC Mobile Banking App to perform all financial transactions by using your savings account which you have used to register the PRASAC Mobile Banking App.
    4. For every login to PRASAC Mobile Banking App, your last update phone number with PRASAC can be used as a User ID / Username with your own 6-digit PIN or scan Fingerprint / Facial Recognition that you have set when register for using PRASAC Mobile Banking App.
  5. Conditions of using Accounts linked with PRASAC Mobile Banking App
    1. Conditions of Accounts linked with PRASAC Mobile Banking App
      1. The Access Level of using Accounts linked with PRASAC Mobile Banking App is divided into 02 types:
        • Full Access: is an access level of using Accounts in PRASAC Mobile Banking App that allows you to do all kinds of financial transactions (transfer / payment…) and check account balance, loans, exchange rates or others.
        • ​View Only: is access level of using Accounts in PRASAC Mobile Banking App that allows you to check account balance, loan, exchange rate or other information without being able to make financial transactions (transfer / payment…).
      2. A Single Account which you use to register for PRASAC Mobile Banking App will be automatically set as “Full Access” by system.
      3. ​In case you wish to update your account access level from “Full Access” to/from “View Only”, please submit your written request at any nearest PRASAC branch.
      4. In case you wish to link more accounts to your PRASAC Mobile Banking App, you are allowed self-link those account via PRASAC Mobile Banking App by following our system guideline or may submit your written request at any nearest PRASAC branch.
      5. In case of requesting to link a Joint Account into PRASAC Mobile Banking App, please submit your written request at any nearest PRASAC branch.
      6. Term Deposit Account will be automatically linked to PRASAC Mobile Banking App if its source account is linked to PRASAC Mobile Banking App.
      7. Loan Account will be automatically linked to PRASAC Mobile Banking App if the borrower has registered to use the PRASAC Mobile Banking App.
    2. Conditions to Delink Accounts from PRASAC Mobile Banking App

      3. You are allowed to self-delink your accounts from PRASAC Mobile Banking App by following our system guideline or may submit your written request to any nearest PRASAC branch.

  6. Operating Hours
    1. ​Clients can perform transactions via PRASAC Mobile Banking App within 24 hours a day, 7 days a week (24/7) unless receiving a notice on the service temporary postpone by PRASAC.
    2. PRASAC will notify you in case of any interruption of operation to repair or update the system.
    3. PRASAC reserves right to postpose operations if any issues arise or prior cases.
  7. Currency and Exchange Rate
    1. Financial transaction via PRASAC Mobile Banking App can be perform in 02 (two) currencies as below:
      • Khmer Riel (KHR) and
      • ​US Dollar (USD)
    2. The transactions with cross-currency will be automatically defined based on the exchange rate of PRASAC on the date and time of that transaction or according to the exchange rate of beneficiary bank in case of cross-currency interbank fund transfer.
  8. Transaction Limitation and Fee
    1. You can perform financial transactions whenever your account has sufficient balance within the transaction limit set by PRASAC.
    2. You agree to pay for all applicable fees related to the use of and/or any transactions performed via PRASAC Mobile Banking App and agree to PRASAC to settle the fee by debiting directly from your account without any notice.
    3. You can find information on fees and/or limit per transaction and per day for each type of transactions on PRASAC’s official website and/or PRASAC’s branches and/or PRASAC Mobile Banking App.
  9. Push Notification

    10. ​You will receive notification via PRASAC Mobile Banking App once a financial transaction occurs on your account, unless there is a system malfunction.

  10. Other Special Features of Transactions via PRASAC Mobile Banking App
    1. When you enter the wrong PIN or OTP code for 03 times, PRASAC Mobile Banking App will be automatically blocked. You can contact PRASAC at 023/086 999 911 or visit any nearest PRASAC’s branch to request for unlocking.
    2. When you enter the information to register for PRASAC Mobile Banking App or Self-New PIN Reset for 03 times incorrectly, the function of registration of PRASAC Mobile Banking App or Self-New PIN Reset will be automatically blocked. In this case, you can contact PRASAC via 023/086 999 911 or visit any nearest PRASAC’s branch to request for unlocking.
    3. For the transfer via Cash-by-Code, you will receive a 6-digit PIN to withdraw cash from PRASAC ATM machine or PRASAC’s POS within 48 hours. If over 48 hours, the transferred amount will be automatically reversed into your account.
  11. ​Block and Unblock PRASAC Mobile Banking App
    1. You can request to block PRASAC Mobile Banking App by contacting to Call Center or visiting any nearest PRASAC’s branch.
    2. To unblock your PRASAC Mobile Banking App, you are required to submit your written request at any nearest PRASAC’s branch.
  12. Termination of PRASAC Mobile Banking Service

    13. ​You are able to terminate your PRASAC Mobile Banking Service by submitting your written request at any nearest PRASAC’s branch.

  13. ​Security Tips of using PRASAC Mobile Banking App
    1. Security Tips of Mobile Phone or Related Devices
      1. Please create your own password or set up Fingerprint / Facial Recognition to protect your Mobile Phone or related devices from unauthorized access.
      2. Do not provide or disclose your passwords or allow anyone to set up Fingerprint / Facial Recognition or access your Mobile Phone or related devices, even if that person is a Joint Account Holder or relative or friend or PRASAC’s staffs or any authority person, etc.
      3. ​Make sure that no one is nearby you when you enter your password to access the Mobile Phone.
      4. Please change your Password frequently or in any suspicion case that the password known by anyone.
      5. Do not connect any system or install unknown application/software on the mobile phone. In case you have connected, please close/uninstall and clean it immediately to avoid any infection or fraud (Virus and / or Hacker).
      6. ​Do not use your Mobile Phone or related devices connected with PRASAC Mobile Banking App by using public Wi-Fi or shared network to avoid hacking.
      7. ​Do not leave your Mobile Phone or related devices connected with PRASAC Mobile Banking App unattended at public venue and immediately lock phone after using.
      8. Please logout or clear history/close the browser/application of PRASAC Mobile Banking App when you have finished using it.
      9. ​In case you sell or transfer your Mobile Phone to another person, you must uninstall PRASAC Mobile Banking App or other relevant information from your phone in advance.
      10. If your Mobile Phone is lost or suspected that anyone has known your password to access your mobile phone, please immediately notify PRASAC via 023/086 999 911 to suspend PRASAC Mobile Banking App or take other technical process to prevent fraud.
    2. Security Tips of PIN / OTP and Relevant Information
      1. ​Please keep your PIN, OTP code and other information as secret. Any damage arising out of the negligence of the above confidential information is your sole responsibility.
      2. Do not use your Date of Birth or Phone Number or account number or ID Card Number or any number that is easy to remember or guess (Ex: 111111 or 123456…) as a PIN to login PRASAC Mobile Banking App.
      3. Please change your PIN frequently or any suspicion that the PIN is known by anyone.
      4. ​Must remember your PIN and do not write or let anyone else know it.
      5. Do not share or send PIN and / or OTP code and / or other personal information to any person, either verbal or electronic methods etc.
      6. Please ensure that no one is nearby you when you enter your PIN to access PRASAC Mobile Banking App.
      7. ​You shall determine the PIN to access PRASAC Mobile Banking App to be different from the Password to access your mobile phone.
    3. Fraudulent E-mail and SMS
      1. Please be vigilant of scams via phone, e-mails, websites, pop-up windows or SMS that can trick you to enter your important information such as: User ID / Username or PIN or OTP code or Phone Number or Date of Birth or other information etc.
      2. PRASAC will never ask you to disclose your PIN and/or OTP code for accessing to PRASAC Mobile Banking App, either verbally, phone call, e-mail or by any means.
      3. ​If you receive a hoax email or message or phone call requesting for the above information, please delete or reject it immediately and/or do not click on any link or open any attachment within the email.
  14. Rights and Obligations of the Client
    1. ​You have to ensure that all information provided to PRASAC is true and up-to-date. If the information is incorrect, you are fully responsible before the law.
    2. You need to check the fees and detailed payment information carefully before confirming the payment in PRASAC Mobile Banking App. Any incorrect information, account number, limit excess or deficiency shall be your own responsibility.
    3. You are fully responsible for using PRASAC Mobile Banking App. In case there is loss of money in your personal account or account of another person, whether intentionally or unintentionally or by negligence or by any other give it a trial, invasion, data fraud, direct or indirect fraud or involvement with the others, you are responsible before the law of Cambodia.
    4. You allow PRASAC to settle the payment unconditionally in case of any complaint/claim to be responsible for the losses or any expenditures that PRASAC is responsible to as the result of any improper transactions of payment services via PRASAC Mobile Banking App due to your violation over the terms and conditions of the services including but not limited to failure of any prevention or without permission or fake transaction…
    5. ​You must ensure the security of keeping your mobile phone and other confidential information for accessing PRASAC Mobile Banking App such as passwords and personal information, etc.
    6. You must ensure that you have installed or updated the PRASAC Mobile Banking App directly from Google Play Store or Apple Store and ensure that you use the latest version of PRASAC Mobile Banking App.
    7. You shall notify PRASAC in written in a timely manner in case of changing phone number, email, and/or any personal information provided to PRASAC. Any loss or delay that may result from failure to notify PRASAC is your sole responsibility.
    8. You shall not make any illegal transactions or prohibited business activities via PRASAC Mobile Banking App.
    9. You are entitled to verify information in the account statement and ask PRASAC if there is the discord of transaction that may arise.
    10. In case you have any problems related to the use of PRASAC Mobile Banking App, you shall immediately notify PRASAC via 023/086 999 911.
    11. You have to abide by all Terms and Conditions on using of PRASAC Mobile Banking Service.
  15. Rights and Obligations of PRASAC
    1. PRASAC has the rights to review and verify its Client background and to request further information from Client if needed. The approval of using this service shall be at PRASAC’s right.
    2. PRASAC will implement the transaction instruction via PRASAC Mobile Banking Service, but PRASAC will not be responsible in case you enter incorrect information or account number or surplus or deficiency balance etc.
    3. PRASAC has rights to cooperate with local authorities to investigate, freeze or stop your PRASAC Mobile Banking Service abided to the applicable law/regulation or court order.
    4. ​PRASAC will keep your information confidential except with your consent, requirement by law or court order to disclose such confidential information.
    5. ​PRASAC reserves right to amend or set up the monthly/annual fees and/or relevant fees for using and/or performing transaction via PRASAC Mobile Banking App according to conditions of businesses.
    6. PRASAC reserves right to regularly upgrade the PRASAC Mobile Banking App to the latest version by:
      • Adding new functions according to market and/or technology trends or
      • Removing or suspending any function if any problem occurs that may affect the Core Banking System or system maintenance or others.
    7. In some circumstance, PRASAC may persuade you to update your current PRASAC Mobile Banking App to the latest version in term of security improvement and consistency of using of PRASAC Mobile Banking App.
    8. If PRASAC Mobile Banking App cannot be operated due to force majeure, PRASAC will assist you for solutions or assistance according to the accurate reasons, but will not be responsible for those cases.
    9. PRASAC has right to suspend transactions when there are problems and necessity.
    10. PRASAC provides service consultation and reporting of any forgotten PIN or any problem that occurs via 023/086 999 911.
  16. Service Fee, Limitation, Conditions Amendment and Notifications
    1. PRASAC reserves the right to amend the service fees, limitation, and/or conditions related to PRASAC Mobile Banking Service by prior notice to the Client as required by law.
    2. Without written complaint(s) from the Client during the above notice period, it is assumed that you agree and accept the amendment(s) immediately from the effective date of the amendment(s) published through one of below channels:
      3. 1). PRASAC Office and/or
      2). PRASAC Official Website and/or Social Media and/or
      3). SMS or E-mail
      4). Advertisements on newspapers, magazines, PRASAC Mobile Banking App or other methods chosen by PRASAC etc…
    3. The Client is assumed that he/she has received a notification immediately after PRASAC has publicly announced via any of the above channels.
  17. Anti-Money Laundering and Combating Financing Terrorism

    18. ​Accordingly to the Cambodia Law on Anti-Money Laundering and Combating the Financing of Terrorism, PRASAC can postpone or reject any transaction for the Account Holders if PRASAC believes that:

    1). The suspicion on source of fund.
    2). The transactions or the accounts may be directly or indirectly involved with any illegal activities of Cambodian or International Law.
    3). Upon court order or National Bank of Cambodia, etc.
  18. Law and Dispute Resolutions
    1. These terms and conditions are governed under the Cambodian Law.
    2. ​In case of any disputes, both parties have to solve them peacefully. If the disputes cannot be resolved peacefully or outside the court, they have to be solved within the court along with the Cambodian Law.
    3. Other issues which not stated in the provisions have to be implemented under the law of Cambodia.
  19. Severability

    20. Invalidity or unenforceability of one or more provisions of this Terms and Conditions shall not affect any other provision of this Terms and Conditions.

  20. Language

    21. The Terms and Conditions are made in Khmer and English. In case there is any conflict or inconsistency between the two versions, Khmer language shall prevail.

  1. ​General Terms and Conditions
    1. The General Terms & Conditions of opening Term Deposit Account via PRASAC Mobile and Internet Banking, hereinafter called “General Terms & Conditions” is an “Agreement” between “Client” and PRASAC Microfinance Institution Plc., hereinafter called “PRASAC” in using this service with PRASAC.
    2. Please carefully read the “General Terms and Conditions” before clicking “Agree” to open a Term Deposit Account via PRASAC Mobile and Internet Banking, hereinafter called “PRASAC MB”.
    3. When Client click “Agree”, it means that the Client has read, and accepted all terms and conditions stated in this general terms and conditions, and is fully responsible for opening and using a Term Deposit Account via PRASAC MB.
  2. Key Terms
    The Client ​: Refers to Account Holder or Signatory who opens the Term Deposit Account via PRASAC MB.​
    Mobile and Internet Banking :​ Refers to an application on Mobile Phone which allows Client to perform any financial transaction at anywhere and anytime (24/7) such as Fund Transfer, Bill Payment, or open Term Deposit Account etc.
    Term Deposit Account :​ Refers to a type of deposit account that has specific term of deposit and obtains a higher interest rate following each tenor.​
    Source Account : Is a settlement account used to settle the amount of principal when opening or receiving the interest and principal when closing the Term Deposit Account or receiving Monthly Interest. Every transaction occurred over the counter such as open, close, and other requests within the Term Deposit Account will be verified with the Specimen Signature and Account Signing Condition of the Source Account.
    Joint Account : Any account jointly opened in the name of two or more persons.
    Account Statement : A summary report of banking transactions occurred within account.
    Rollover Principal Only : When Term Deposit Account is on maturity date, the interest earned will be credited into the Source Account and the principal balance will be automatically renewed to the next term.
    Rollover Principal and Interest: When Term Deposit Account is on maturity date, the interest earned and principal balance will be automatically capitalized, and renewed to the next term.​
    Close on Maturity : When Term Deposit Account is on maturity date, the account will automatically closed, and the interest earned and principal balance will be credited into the Source Account.
  3. Term Deposit Account Opening Conditions

    The Client is required to input the information and select the conditions on Term Deposit Account opening correctly and sufficiently with the following information:

    1. ​​​​​​​​​​​​​​​Operating Hours

      2. The Client can open Term Deposit Account via PRASAC MB 24 hours per day (24/7), unless receiving a notice on the service temporary postpone by PRASAC.

    2. ​Source Account Requirement
      1. ​To open Term Deposit Account, the Client is required to select the Source Account which is the Deposit Account linked to PRASAC MB with account’s access level as “Full Access” that allows Client to do any financial transaction.
      2. ​Source Account can be a type of Savings Account or Unfixed Deposit Account or Flexi Growth Savings Account or Payroll Account etc.
      3. The Source Account is not allowed to close if it is being linked with the Active Term Deposit Account.
      4. The Client agrees and allows PRASAC to use the Specimen Signature and Account Signing Condition of the Source Account to verify the account holders in case of requesting to close the Term Deposit Account or other requests over the counter (Bank Confirmation or Account Statement etc.).
      5. In case the Source Account is a Joint Account or Entity Account which has Signatories up from 02 persons, the Client shall agree and accept that all Joint Account Holders have full right to request to close the Term Deposit Account and/or other requests by following the Specimen Signature and Account Signing Condition of the Source Account.
    3. Currency
      1. The Client can choose to open the Term Deposit Account in 02 (two) currencies as below:
        • Khmer Riel (KHR) and​
        • US Dollars (USD)
      2. The currency of the Term Deposit Account will be automatically defined based on the currency of the Source Account. Thus, the Client is unable to select the different currency from the currency of the Source Account.
    4. Deposit Limitation and Number of Account
      1. Minimum deposit balance of opening Term Deposit account is up from KHR 200,000 or USD 50 and does not exceed 3% of PRASAC’s Net Worth in both currencies KHR and USD per Client.
      2. There is no limitation on number of opening Term Deposit Account.
    5. Deposit Term

      6. ​The Client can choose term of deposit from 01 to 60 months based on Client’s requirement and cash flow.

    6. Interest Rate
      1. The Client will gain the interest rate of Term Deposit Account following the term of deposit.
      2. The earned Interest will be accrued daily and credited into Source Account on monthly basis or on the maturity date based on the type of Term Deposit Account selected.
      3. ​The Client can find the information of the Interest Rate of Term Deposit Account during account opening via PRASAC MB or PRASAC’s official website or any nearest PRASAC’s office.
    7. Withholding Tax
      1. The Client accepts that the earned interest will be subject to withholding tax or other taxes as required by applicable Laws or Regulations.
      2. The Client acknowledges that withholding tax shall be his/her responsibilities and allow PRASAC to withhold the tax amount directly from the Term Deposit Account when the earned interest is credited.
      3. Withholding Tax Rate is defined below:
        • 6% for Resident
        • 14% for Non-Resident
    8. ​Type of Term Deposit Account

      ​The Client can select either one of the two type of Term Deposit Account as below:

      • Term Deposit Account – Monthly Growth Account: A type of account which the Client will receive the earned interest in monthly basis and it will be automatically credited into the Source Account.
      • Term Deposit Account – Maturity Growth Account: A type of account which the Client will receive the earned interest at the end of the term and it will be credited into the Source Account or capitalized as the Principal based on rollover options selected.
    9. Rollover Conditions
      1. When open the Term Deposit Account, the Client can choose either one of the three following rollover options:
        • Rollover Principal and Interest
        • Rollover Principal only
        • Close on Maturity
      2. In case the Client chooses rollover (rollover principal and interest or rollover principal only), and upon the arrival of the maturity date, the Client does not give written instruction to PRASAC to change the terms, the term of deposit shall be successively renewed for the same period and conditions and the Client accepts the PRASAC’s prevailing rate at the time of renewal.
      3. In case the Client chooses Term Deposit Account “Maturity Growth Account”, the Client can select either one of the three rollover options stated in 3.9.1 above.
      4. In case the Client chooses Term Deposit Account “Monthly Growth Account”, the Client can choose either one of the two rollover options, (i) Rollover Principal only and (ii) Close on Maturity. The Client is not allowed to choose “Rollover Principal and Interest” since the earned interest is already paid to the Source Account on monthly basis.
    10. Effective Date of Account Opening
      1. ​The effective date of account opening is the actual date that the Client opens the Term Deposit Account via PRASAC MB.
      2. In case the Client opens Term Deposit account on weekend or holiday or after closing day (EOD), the effective date will be automatically moved forward to the next working day.
    11. Maturity Date of Account
      1. The maturity date of Term Deposit Account is automatically defined by system based on the Deposit Term which is selected by the Client.
      2. In case the maturity date falls on weekend or holiday, the maturity date will be automatically moved backwards to the previous working day.
    12. Certificate of Term Deposit or Account Statement
      1. The Client can view the information and other transactions of Term Deposit Account via PRASAC MB at anytime and anywhere.
      2. ​The Client can print the Certificate of Term Deposit by his/her own from PRASAC MB.
      3. In case the Client needs the original Certificate of Term Deposit or Account Statement, the Client can request at any nearest PRASAC’s Office and the request will be followed the conditions defined by PRASAC.
  4. Deposit
    1. The additional deposit into the existing Term Deposit Account is not allowed.
    2. Every additional deposit means to open new Term Deposit Account which is required to follow the terms and conditions of account opening stated in this General Terms and Conditions.
  5. Withdrawal

    6. Every partial or full cash withdrawal from Term Deposit Account means to close the Term Deposit Account and the Client shall follow the conditions of Account Closing stated in this Terms and Conditions.

  6. Term Deposit Account Closing Conditions
    1. Every request to close Term Deposit Account, the Client is required to request in written letter at any nearest PRASAC’s Office or the account will be automatically closed upon the maturity date if the Client chooses the rollover type as “Close on Maturity”.
    2. The Client who has right to request to close the account can be him/herself and/or others Joint Account Holder (for Individual Joint Account) and/or other signatories (for Corporate Account).
    3. The closing request shall be followed the Specimen Signature and Account Signing Condition of the Source Account.
    4. The Client will obtain full interest rate if closing the Term Deposit Account at the Maturity Date.
    5. For premature withdrawal of the account, the Client will not receive the full interest rate and PRASAC reverses full right to define the interest rate upon the request date of account closing.
    6. ​After account is closed, the principal and earned interest will be credited into the Source Account in which the Client can view it in the Account Statement.
    7. In case the Client requests to close the Term Deposit Account “Monthly Growth Account” before maturity date, the Client agrees to return the monthly paid interest and authorizes PRASAC to settle that earned interest from his/her balance of Term Deposit Account.
    8. ​If the Client places Term Deposit Account as Loan Collateral, the Client can request to close the Term Deposit Account unless the loan is already paid off.
  7. Rights and Obligations of Client
    1. Client has to abide by all points in this Terms and Conditions.
    2. Client ensures that Client has full right to open Term Deposit Account via PRASAC MB and to provide correct and up-to-date information.
    3. Client ensures that Source Account has sufficient balance to open Term Deposit Account.
    4. Client needs to check the detailed information and conditions carefully before confirming to open Term Deposit Account. Any incorrect of inputting account conditions such as wrong Source Account or excess limit or deficiency etc. shall be at Client’s own responsibility.
    5. Client agrees to review and give a notice to PRASAC on the technical problems or any irregularity occurred during or after account opening.
    6. ​Client is entitled to obtain all the information related to the transaction of opening Term Deposit Account, interest rate, fee charge, and withholding tax etc.
    7. ​Client is entitled to ask and clarify if there is the discord of transaction report or others information relevant with account opening or using at any PRASAC’s office or other channels provided by PRASAC.
  8. Rights and Obligations of PRASAC
    1. PRASAC has the rights to review and verify Client’s background and to request further information from the Client if needed and has right to provide or not to provide this service to the Client.
    2. PRASAC will follow the Client’s transactions but PRASAC will not be responsible in case Client input and/or select an incorrect Source Account and/or amount and/or other conditions etc.
    3. PRASAC reverses the right to block or unblock or disallow or allow to rollover or terminate the Term Deposit Account before maturity if the Client does not fulfill the correct or sufficient information following the conditions required by PRASAC and/or at PRASAC’s sole discretion and PRASAC is not liable for any loss due to implementing all these rights.
    4. PRASAC has right to cooperate with authorities to investigate, freeze or stop allowing Client to open the Term Deposit Account with reference to rule of law or court order.
    5. PRASAC reserves the right to suspend the transactions of opening of Term Deposit Account when there are problems and/or in necessary cases.
    6. ​PRASAC reserves the right to amend the Interest Rate, Fee Charge and/or other conditions according to the terms and conditions of its business.
    7. PRASAC will confidentially keep your personal information except as required by law or court order or with your consent.
    8. PRASAC offers a 24-hour help line, businesses consultations or other problems.
  9. Anti-Money Laundering and Combating Financing Terrorism

    ​According to Cambodian Law and regulations related to Anti-Money Laundering and Combating the Financing of Terrorism, PRASAC can postpone or confine or reject any transaction if PRASAC believes that:

    • The source of fund is suspicious
    • The transactions or the accounts may be directly or indirectly involved with unlawful activities of Cambodian or International Law.
    • It is required by Court Order or National Bank of Cambodia (NBC).
  10. Amendment of Interest Rate, Fee, Conditions and Notification
    1. PRASAC reserves the right to amend Interest Rate, Fee Charge, conditions applied to the use of your account by prior notice to you as required by law.
    2. ​Without written complaint(s) from the Client during the above notice period, it is assumed that you have agreed and accepted the amendment(s) immediately from the effective date of the amendment(s) published through one of below channels:

      ​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​1). PRASAC Office and/or
      ​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​2)​. PRASAC official Website and/or Social Media and/or
      ​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​3). SMS or E-mail and/or
      ​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​4). Advertisements on newspapers, magazines, PRASAC Mobile Banking App or other methods chosen by PRASAC etc…
    3. The Client is assumed that he/she has received a notification immediately after PRASAC has publicly announced via any of the above channels.
  11. Law and Dispute Resolutions
    1. These terms and conditions are managed and described by the Cambodian Law.
    2. In case of disputes, both parties have to solve them peacefully. If the disputes cannot be done peacefully or outside the court, they have to be solved within the court along with the Cambodian Law.
    3. Other issues which are not stated in the provisions have to be implemented with the law of Cambodia.
    4. Other terms and conditions which are not stated in this terms and conditions shall follow the “General Terms and Conditions on Using of PRASAC Product and Service” which can be found at PRASAC’s official Website www.prasac.com.kh or any nearest PRASAC’s office.
  12. Severability

    13. Invalidity or unenforceability of one or more provisions of this Agreement shall not affect any other provision of this Agreement.

  13. Language

    14. The general terms and conditions are made in Khmer and English. In case there is any conflict or inconsistency between the two versions, Khmer language shall prevail.

  1. ​General Terms and Conditions
    1. The General Terms & Conditions of use of Bakong Payment Service, hereinafter referred to as “General Terms & Conditions” is an “agreement” between Client and PRASAC Microfinance Institution Plc hereinafter referred to as “PRASAC” in connection with the use of Bakong Payment Service.
    2. ​Please carefully read the “General Terms and Conditions” before clicking “Agree” to register to use the Bakong Payment Service.
    3. When you click “Agree”, it means that you have read and accepted all terms and conditions stated in this general terms and conditions, and are fully responsible for using the “Bakong Payment Service”.
  2. Definitions of Key Terms
    • The Client: refers to clients who have registered to use the Bakong Payment Service via his/her Mobile phone.​
    • Bakong System: refers to a real-time electronic payment which its function is to facilitate inter-bank payment with participants of Bakong System.​
    • Bakong App: refers to the Mobile Application that client can download via their mobile phone from iOS or Android.​
    • Bakong Account: refers to Khmer Riel and US Dollar E-wallet Accounts which are opened automatically by clients after a successful registration for Bakong via their mobile phone. User Name or Phone Number represents the Bakong Account.
    • ​Bank Account: refer to Savings Account which clients opened at PRASAC.
    • Passcode: refers to a Personal Password of 8 digits (consists of capital letter + small letter + special character + number) using to restore the Bakong Account whenever client changes the mobile device or forget the PIN Code to log in to use the Bakong Payment Service.
    • ​PIN Code: refers to the 6-digit code which defined by the client for using to log in to use the Bakong Payment Service in the mobile phone.
    • QR Code: refers to Identity Code for Bakong Account, it is used for Receiving, Paying goods and services via Bakong Payment Service. QR Code was created automatically after Client successfully register for Bakong Payment Service.
    • Account ID: represents the Bakong Account of the Client. The Account ID is automatically created when the client registered the Bakong Payment Service.
    • ​Force Majeure: Refers to any events that are unforeseeable external to the parties, and unavoidable which prevent any party or both parties from performing its obligation as stated in this Agreement such as volcano, flood, earthquake, hurricane, terrorism, riot, war…etc.
  3. Service Registration Requirement
    • ​Client is at least 16 years old​
    • ​Must have a personal mobile phone (iOS & Android) and phone number.
    • To fill all up-to-date and accurate personal information
    • Take a Real Selfie and Identification Document such as: National Identification Card and Passport valid at least 03 months validity before its expiry date.
    • ​Must agree to all general terms and conditions for using “Bakong Payment Service”.
  4. ​Required Information of the Client
    1. ​​To register for Bakong Payment Service, the Client is required to provide necessary information for PRASAC and confirm that all information provided is true, correct, and up-to-date.
    2. ​The Client agrees to abide by all terms and conditions, be responsible for all information fulfilled and in accordance with the Rules which are stated in the terms and conditions of using Bakong Payment Service.
    3. The client acknowledges and agrees that PRASAC will disclose the Client’s information, when requested, by a court order or other relevant competent authorities (both local and/or international).​
  5. Bakong Account Features
    1. ​​Bakong Accounts are automatically created in KHR & USD Currency after client successfully self-registered for the use of Bakong Payment Service via his/her mobile phone.
    2. Interest Rate, Initial Deposit, and Minimum Deposit are not required.
    3. All deposit and withdrawal transactions from Bakong Account must be made at Counters or other channels of PRASAC or Bakong Members. All payment or transfer (send) are made on Client’s Mobile Phone.
    4. ​Fee Charge and Limitation in using Bakong Payment Service is posted on the PRASAC official website and/or any PRASAC’s branches and/or Bakong Application.
    5. Bakong Account that has been inactive for 365 days (except transaction are made by PRASAC) will become a Dormant Account and will be automatically suspended.
    6. Bakong Account which has been dormant for 10 consecutive years, the remaining balance will be transferred to the National Bank of Cambodia (NBC) for legal processing.
  6. ​Type of Bakong Services
    • ​​Transfer between Bakong Account to Bakong Account (within PRASAC)
    • ​​Transfer between Bakong Account to Bakong Account (Cross Bank Member)
    • Transfer between Bakong Account to Bank Account (Within PRASAC)
    • ​Transfer between Bakong Account to Bank Account (Cross Bank Member)
    • Pay goods and services via scanning QR Code
    • Balance Enquiry and Bakong Account Statement
    • Other services that may be officially used for actual circumstances.
  7. Deposit and Withdrawal Condition
    1. You can deposit or withdraw fund from your Bakong Account at the counter or other channels which allowed by PRASAC or Bank Members of Bakong System.
    2. ​​You agree to pay the service fee of deposit or withdrawal accordingly to the fee posted on the PRASAC Website and/or Bakong Application and/or PRASAC’s branches or others bank members of Bakong System.
  8. Transaction Limit and Service Fees
    1. Clients agree to pay the applicable fees related to the use of Bakong Payment Service and allow PRASAC to directly debit from your Bakong Account without issuing a prior notice.
    2. ​​Client must maintain sufficient balance at all time to do the transaction and comply with PRASAC Limitation.
    3. All applicable Fees and Limitation are available on PRASAC’s official website: www.prasac.com.kh, all PRASAC’s branches and Bakong Application.​
  9. ​Operating Hours
    1. ​Client can perform transaction via Bakong System 24 hours per day, unless a notice is given by PRASAC.
    2. ​PRASAC will notify in case of any interruption of the operation to repair or update the system.
    3. PRASAC reserves right to postpone the operations if any issues arise or prior cases.​
  10. Service Termination
    1. Clients are able to terminate Bakong Payment Service by themselves via his/her mobile phone and the Client are not required to visit PRASAC’s Office.
    2. ​Clients are required to withdraw or transfer cash from their Bakong Account to make balance zero in advance before terminating the service.
  11. ​Passcode and PIN Code Security Tips
    1. Choose the Passcode consist in Uppercases, Lowercases, Number and Special character.
    2. ​​Must remember your Passcode and PIN Code, or do not write or record it or let anyone else know it.
    3. Do not give your Passcode and PIN Code or your personal information to anyone.
    4. You are encouraged to change your Passcode and PIN Code frequently.
    5. Do not use your Date of Birth, Phone Number, Account Number or Easy to Remember Number as a Passcode and PIN Code to log in Bakong Application.
    6. Make sure that no one is nearby you when you enter your Passcode and PIN Code.
    7. Please change your Passcode and PIN Code if you suspect that your Passcode and PIN Code has been discovered by anyone.
    8. You must keep your Passcode and PIN Code at a safe place. The damage or loss due to your negligence is fully at your own risk.
    9. In case you forget your Passcode and PIN Code, please contact our customer service via 023/086 999 911.
  12. ​Security Tips of Registered Mobile Phone
    1. ​Please create Password to protect your mobile phone.
    2. ​​Do not download or install any unknown software on your mobile phone. In case you connect or install it, you should immediately disconnect or uninstall to avoid Virus and/or Hacking.
    3. ​Do not use your mobile phone installed with Bakong Application with Public Wi-Fi or along with others to avoid hacking.
    4. ​Do not leave your mobile phone with Bakong Application at public venue.
    5. Immediately log out the Bakong Application after using Bakong Payment Service.
    6. ​Maintain your mobile phone at a safe place. If your phone is damaged or lost, immediately notify PRASAC to suspend Bakong Accounts or take other technical process to prevent fraud.
    7. You have to delete the Bakong Application from your mobile phone when you change or sell your mobile phone.
  13. Rights and Obligations of the Client
    1. You have to ensure that all information provided for PRASAC to register and use the Bakong Payment Service is true, correct and up-to-date. If the information is incorrect, you are fully responsible before the law.
    2. ​​​You need to check the detail payment information carefully before confirming the payment. Any incorrect information, account number, excess limit or deficiency shall be your own responsibility.
    3. You are fully responsible for using Bakong Payment Service. In case there is loss of money in the personal account or account of another person, whether intentionally or unintentionally or by negligence or by any other give it a trial, invasion, data fraud, direct or indirect fraud or involve with the others, you are responsible before the law of Cambodia.
    4. You have to abide by all Terms and Conditions on using of Bakong Payment Service through Bakong System.
    5. ​You allow PRASAC to settle the payment unconditionally in case of any complaint/claim to be responsible to the losses or any expenditures that PRASAC is responsible to as the result of improper transaction of payment services via Bakong Payment Service, and by the violation over the general terms and conditions of payment services via Bakong Payment Service without permission or fake transaction…
    6. ​You are entitled to get all the types of Bakong Payment Service with an agreement with PRASAC and you can inspect the quality of service and give feedback.
    7. You are entitled to obtain all the information related to the functions of Bakong Payment Service, the instruction, service fee, interest rate and calculation of relevant fees.
    8. You are entitled to ask if there is the discord of Bakong Account report or other transactions.
  14. Rights and Obligations of PRASAC
    1. PRASAC has the rights to review and verify Client’s background and to request further information from Client if needed. The approval of using this service shall be at PRASAC’s right.
    2. PRASAC will implement the transactions via Bakong Payment Service but PRASAC will not be responsible in case you enter incorrect information or account number or surplus or deficiency balance etc.
    3. PRASAC has rights to cooperate with local authorities to investigate, freeze or stop your Bakong Payment Service with reference to rule of law or court order.
    4. ​PRASAC reserves rights to suspend the Bakong Account of the client if the client does not fulfil the correct or sufficient information following the conditions required by PRASAC.
    5. ​In event Bakong Payment Service cannot be operated due to force majeure, PRASAC will assist you for solutions or assistance according to the accurate reasons, but will not be responsible for those cases.
    6. ​​PRASAC has right to set up the relevant fees or change the fees according to conditions of businesses.
    7. PRASAC offers a 24-hour help line, businesses consultations and the report of forgetting passcode or other problems.
    8. PRASAC will confidentially keep your personal information except as required by law affair or there is a court order.
    9. PRASAC has right to suspend transactions when there are problems.
  15. Anti-Money Laundering and Combating Financing Terrorism
    1. ​​Accepting all the terms and conditions, you agree with PRASAC that PRASAC can postpone, confine or reject for any transactions without responsibilities in case as below:
      1. Any transactions that unlawful of Cambodia or international law.
      2. Any transactions that are directly or indirectly related to illegal activities.
    2. ​​​You agree and are responsible to PRASAC that all the payments via Bakong Payment Service do not abuse the law of Cambodia or jurisdiction of other countries.
  16. ​Service Fee, Limitation, Conditions Amendment and Notifications
    1. ​RASAC reserves the right to amend information, service fee, limitation, and/or terms and conditions relevant to the use of this service by prior notice to the client as required by law.
    2. ​​​Without written complaint(s) from the Client during the above notice period, it is assumed that you agree and accept the amendment(s) immediately from the effective date of the amendment(s) published through one of below channels:
      (1) PRASAC Office and/or
      (2) PRASAC official Website and/or Social Media and/or
      (3) SMS or E-mail and/or
      (4) Advertisements on newspapers, magazines, PRASAC Mobile Banking App, Bakong App or other methods chosen by PRASAC etc…
    3. The Client is assumed that he/she has received a notification immediately after PRASAC has publicly announced via any of the above channels.
  17. ​Law and Dispute Resolutions
    1. These terms and conditions are managed and described by the law of Cambodia.
    2. In case of disputes, both parties have to solve them peacefully. If the disputes cannot be done peacefully or outside the court, they have to be solved within the court along with the law of Cambodia.
    3. Other issues which are not stated in the provisions have to be implemented with the law of Cambodia.​
  18. ​Severability

    19. Invalidity or unenforceability of one or more provisions of this Agreement shall not affect any other provision of this Agreement.

  19. Languages

    20. ​The general terms and conditions are made in Khmer and English. In case there is any conflict or inconsistency between the two versions, Khmer language shall prevail.

    I read and agree to apply the above mentioned terms and conditions for using Bakong Payment Service.

The general terms & conditions shall be applied for the account transaction via E-Banking Service including ATM and PRASAC Mobile & Internet Banking service.

  1. General Terms and Conditions
    1. The following terms and conditions is the agreement between the client and PRASAC Microfinance Institution Plc. hereinafter called “PRASAC” on using ATM cards or PRASAC Mobile & Internet Banking Service.
    2. Please kindly read carefully all terms and conditions, and request for any further explanation if needed before performing your transaction.
  2. Required Documents and Information
    1. ​To apply for an ATM card and/or Mobile & Internet Banking Service, the client is required to provide necessary information to PRASAC by filling out and signing on the application form designed by PRASAC. The client confirms that all information provided to PRASAC is true and up to date. The client also agrees to be abided by all terms and conditions stated in the specific terms and conditions on using E-Banking Service with PRASAC.
    2. The client acknowledges and agrees that PRASAC will release the client information, when requested, to the court or other relevant competent authorities (both local and/or international).
  3. ​Transaction Limit and Service Fees
    1. ​The limit amount of transaction conducted via PRASAC Mobile & Internet Banking Service or ATM is pre-set per card types or Mobile & Internet Banking Service by PRASAC which made available at PRASAC office or website.
    2. ​To perform transaction via Mobile & Internet Banking or ATM, you are required to pay fee for some specific type of transaction to PRASAC. You agreed to pay for those applicable fees (if any). You authorize PRASAC to directly debit the fees from your account.
    3. Any transaction prohibited by the law is not allowed to perform via PRASAC’s ATM or Mobile & Internet Banking Service, and the account holder shall fully be responsible for those transactions.
    4. The client shall maintain sufficient balance at all time to do the transaction via ATM card or Mobile & Internet Banking Service.
    5. ​All applicable fees related to ATM or Mobile & Internet Banking Service is available at all PRASAC branches and official website: www.prasac.com.kh.
    6. ​PRASAC reserves all rights to change the tariffs or fees or transaction limit with prior notice to the Client as required by law.
  4. Security Tips (PIN code, ATM card and Internet Banking User ID)
    1. ​​You must keep your PIN, ATM card and Internet Banking User ID at a safe place. The damage or loss due to your negligence is fully at your own risk.
    2. ​You are encouraged to change PIN of your Mobile & Internet Banking and/or ATM card frequently.
    3. Notify PRASAC immediately if you become aware that your user ID and/or PIN of Mobile & Internet Banking or/and ATM were stolen or lost, or any unauthorized transaction performed or contact to our customer service via 023/086 999 911.
  5. Rights and Obligations of the Account Holder
    1. The account holder (applicant) shall ensure that all information provided to PRASAC on Mobile & Internet Banking Service and/or ATM card application form(s) is true, correct and up to date.
    2. The account holder could perform all kinds of banking services via ATM and Mobile & Internet Banking Service provided by PRASAC and the client’s feedback is most welcomed.
    3. ​The account holder could request for account statement at any PRASAC branch or print from Mobile & Internet Banking for a specific period of time determined by PRASAC and could request for further explanation if there is any inconsistency.
    4. Those applicants who apply for Mobile & Internet Banking and/or ATM card with PRASAC shall ensure the accuracy of the information provided to PRASAC, and shall immediately inform PRASAC in writing for any change of his/her information, otherwise, any damage or delay is at the client responsibility
  6. Rights and Obligations of PRASAC
    1. PRASAC has the rights to review and verify the applicant’s background and to request further information from applicant if needed. The approval shall be at PRASAC’s sole discretion.
    2. PRASAC reserves all rights to cooperate with competent authorities to investigate and deactivate the services provided based on the laws or the order of the court.
    3. PRASAC will make best effort to support the client but PRASAC is not liable for any loss or damage resulted from any act of Force Majeure or other specific reason.
    4. PRASAC reserve all rights to change the fee and other applicable fees depend on it business condition.
    5. PRASAC will offer its 24 hours hotline supporting service to the client.
    6. All information of ATM cardholder and Mobile & Internet Banking user will be strictly kept as confidential at all time, unless it is required by the laws, court, or competent authorities.
  7. Anti-Money Laundering and Combating Financial Terrorism
    1. ​​​The client agrees and is liable to PRASAC that your payment transaction being made via Mobile & Internet Banking Service or ATM does not breach any Cambodian law or any other country jurisdiction.
  8. Miscellaneous
    1. ​​​PRASAC reserves all rights to change these terms and conditions at any time. All relevant stakeholders shall follow the latest terms and conditions. All relevant stakeholders shall follow all provisions stated in these terms and conditions.
    2. Any dispute between PRASAC and its client shall be resolved amicably. If the dispute cannot be settled, the concerned party may submit complaint to the court of the Kingdom of Cambodia.
    3. Other issues that are not stated in these terms and conditions, shall be implemented in accordance with the law of the Kingdom of Cambodian.
    4. These terms and conditions are made in Khmer and English. If there is any conflict between to two versions, the Khmer language shall prevail.
    5. All relevant parties is deemed to have read and agreed to be abided by all points stated in these terms and conditions.