1995-1999 PRASAC I, EU-funded three rural development projects in six provinces, with three different credit components. 2000-2003
Extension as PRASAC II, combined to one project, one credit component. 2000 First strategic decision to create a sustainable institution beyond the closure of PRASAC II project. 2001 HO and branch offices separated from PRASAC II, with separate management but still as a part of the project.
2002 The establishment of PRASAC Credit Association (PCA) was registered with the NBC in March 2002 as Rural Credit Operator. 2003 Two initial shareholders were created, a Trust Fund called CRDF created by PRASAC II and PRASAC Staff Company created by staff members. 2004 Registered as PRASAC MFI Ltd with Ministry of Commerce as a private Limited Liability Company and received license from NBC. 2005 The credit fund was transferred from EC to the government and finally to PRASAC MFI Ltd as Subordinated Debt with free interest and valid from Dec 2004.
2006 The commercialization process was to seek for equity investment participation from commercial and social investors. 2007 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. 2008 PRASAC increased its capital to 15.4 billion riels from six shareholders. PRASAC was rewarded for extending its financial services throughout the country. 2009 PRASAC selected Oracle Flexcube to modernize its core system to build competitive advantages, offer more diversified ranges of products and prepare for the next level. 2010
PRASAC obtained a Microfinance Deposit Taking Institution (Ã¢â‚¬Å“MDIÃ¢â‚¬Â) license to conduct deposit taking business from the National Bank of Cambodia.
2011 PRASAC was rated by a reputable international rating agency Ã¢â‚¬Å“Planet RatingÃ¢â‚¬Â which specializes in rating microfinance businesses around the globe. PRASAC was graded Ã¢â‚¬Å“A-Ã¢â‚¬Â and its outlook as Ã¢â‚¬Å“StableÃ¢â‚¬Â while the previous rating was BBB+ by Microfinanza Rating in July 2009. 2012
PRASAC increased its registered capital to 80 billion Riels, which is roughly equivalent USD20 millions. At the same time, PRASACÃ¢â‚¬â€¹ is the 1st MFI in CambodiaÃ¢â‚¬â€¹ who has launched ATM service in Sep 2012.
2013 PRASAC achieved another milestone by receiving Ã¢â‚¬Å“The Outstanding Innovative Microfinance Product Award 2013Ã¢â‚¬Â from International Data Group and also received MF Transparency SEAL of pricing transparency award from an international Non-governmental Organization, MF Transparency.
2014 PRASAC increased its registered capital to 188 billion Riels, which is roughly equivalent USD 47 millions. PRASAC is still leading in network and business performance. - See more at: http://www.prasac.com.kh