Making Finance Work for Women for 45 Years | Dr. Ing Kantha Phavi

April 4, 2025

To celebrate Women’s World Banking’s 45th anniversary, we are showcasing the voices of individuals from around the world who have shaped and touched Women’s World Banking journey since its inception in 1979 to today! 

These are stories from across Women’s World Banking’s reach from the women we serve and our customers, to allies and women in leadership who have contributed to women’s economic empowerment and financial inclusion.  

When Dr. Ing Kantha Phavi began her journey with the Ministry of Women’s Affairs in Cambodia over three decades ago, the country faced a vastly different reality. Emerging from the shadows of conflict, the nation prioritized poverty reduction and peacebuilding. Today, the paradigm has shifted, with women’s empowerment taking center stage—a transformation spearheaded by leaders like Minister Phavi. 

As we celebrate her 20-year legacy, it is impossible not to be inspired by the transformative strides she has driven for Cambodian women, laying the foundation for inclusive development and progress. 

Financial Inclusion: A Game-Changer for Women 

Cambodia’s financial literacy landscape presented a steep challenge. With only 18% financial literacy and ranking 135th out of 144 countries globally, the barriers to women accessing formal financial services were significant. In 2007, recognizing these obstacles, the Ministry of Women’s Affairs, under Minister Phavi’s leadership, collaborated with the National Bank of Cambodia to launch “Financial Inclusion for Women.” 

This initiative evolved particularly during the COVID-19 pandemic. By accelerating digital financial capability, more women gained access to formal financial services through digital apps. This has also enabled a lot of rural women living in remote areas who had to previously depend on long distances and inaccessible banking facilities. the Ministry of Women’s Affairs aims to achieve 70% financial inclusion, from 59%, by the end of 2025.  

WWB and Cambodia’s Financial Inclusion Framework 

Women’s World Banking has been actively collaborating with the Cambodian government to further advance financial inclusion for women. In partnership with the Minister of Women’s Affairs, Women’s World Banking co-organized a workshop in 2023 focusing on accelerating women’s financial inclusion.  

Building on the momentum from this workshop, the Ministry committed to developing a gender-intentional national financial inclusion framework in collaboration with Women’s World Banking and the National Bank of Cambodia. Through policy advisory and strategic engagement, Women’s World Banking continues to work alongside the Ministry of Women’s Affairs and the National Bank of Cambodia to create a sustainable and inclusive financial ecosystem that empowers Cambodian women. 

Fueling Women’s Entrepreneurship 

Minister Phavi’s vision extended beyond financial inclusion. Through targeted programs, women entrepreneurs were empowered with leadership training, market information, and business development services. These efforts transformed them into formidable economic agents, boosting not just their incomes but also their standing within their families and communities. 

“We’ve noticed that when women become economic agents, they gain respect within their families and communities. They have their voices in the development of the community.” 

This respect fosters a ripple effect, where empowered women uplift entire families and contribute significantly to community development.  

A Future Fueled by Confidence and Resilience 

One of the hallmarks of Minister Phavi’s leadership has been her focus on resilience. Her programs have equipped women to weather financial shocks, develop thriving businesses, and break through societal barriers. The Framework for Gender Intentional Financial Inclusion is anticipated to drive nationwide impact by shaping Cambodia’s National Financial Inclusion Strategy.  

Her message to young Cambodian women resonates with hope and empowerment: 
“You are valuable, capable, and deserving. Be self-confident, break the glass ceiling, and reach the level you want.” 

As we celebrate leadership, it is clear that Minister Phavi has redefined what is possible for women in Cambodia and beyond. Her story is a reminder that when women rise, nations rise with them.  

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Women’s World Banking is dedicated to economic empowerment through financial inclusion for the nearly one billion women in the world with no or limited access to formal financial services. Using our sophisticated market and consumer research, we turn insights into real action to design and advocate for policy engagement, digital financial solutions, workplace leadership programs, and gender lens investing.      

In the past seven years alone, we’ve helped provide 86 million women in emerging markets access and use of financial products and services that are transforming women’s lives, households, businesses and communities, and driving inclusive growth globally.   

Help us reach the nearly billion women still excluded from the formal financial system. Donate now.