BAAC launches Ban Prasarnmit People’s Financial Foundation Chumphon Province strengthens community money management

BAAC supports building financial strength in communities The aim is to develop and increase the efficiency of more than 243 community financial institutions throughout the country to become standard community financial institutions. Ready to be a center for financial management in the community, including savings, credit support creating opportunities to access sources of finance Financial services for everyone in the community. and reduce the problem of relying on informal debt Ban Prasarnmit People’s Financial Institution, Chumphon Province, was officially registered under the People’s Financial Institutions Act. ready to serve and build trust among the members

Today (February 6, 2023) Mr. Sitthiwat Wachsit, Director of Branch Operations in the Upper South Region of Bank of Agriculture and Agricultural Cooperatives (BAAC) together with Mr. Wisa Poolsirirat, Governor of Chumphon Province Joint Launch of Ban Prasarnmit People’s Financial Institution, Phato Sub-District, Phato District, Chumphon Province, which has been developed and upgraded from a community financial institution to a community financial institution in accordance with the People’s Financial Institutions Act BE 2562 by the BAAC. MP assigned to be bank co-ordinators Participate as a consultant in establishing operational guidelines Provide financial management information Deposit withdrawal services, vocational credit support and emergency expenditure allocation of welfare to members and communities Including accurate and transparent accounting. Originally, Ban Prasarnmit Financial Institution had only an area of ​​operation in Moo 18, Phato Subdistrict, When it was upgraded to a financial institution, the public expanded its service area to 19 villages in Phato Subdistrict, Phato District, Chumphon Province, with its strength as a service centre, efficient finances Having enough money for operations It has a competent board and is recognized by community members. Technology has been applied in operations. using the right accounting software This makes it possible for service members conveniently and quickly.

BAAC is committed to improving the efficiency of community financial institutions. Being a center for money management within a strong community Being able to look after sources of finance for people in the community and create opportunities for them. This will reduce the problem of inequality in terms of access to financial services. Encourage members to create discipline in saving money and adhere to the principle of dependency in the community. Including encouraging members to access low interest finance for spending and investment. In order to prevent turning to rely on informal debt, which is a heavy burden, the BAAC has driven such work. under strategy Develop integrated community potential Develop a sustainable grassroots economy under the BCG Model, with the aim of supporting more than 243 community financial institutions to upgrade them to become a public financial institution that can truly facilitate and meet people’s needs in the community. Kor Sor has also developed and supported 4 other financial institutions, namely Ban Suay Sri Community Financial Institution; Surat Thani Province Tha Makhuea Subdistrict Community Financial Institution Kamphaeng Phet Province Naphin Community Financial Institution Ubon Ratchathani Province and Ban San Tai Chiang Rai community financial institution to be able to register as a legal public financial institution within February 2023

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