Cambodia’s Prasac Microfinance Institution Limited recently launched a suite of mobile banking services using the TranzWare processing platform from Compass Plus, an electronic payment systems provider with primary offices located in Russia and the United Kingdom. The TranzWare internet and mobile banking portal will allow Prasac customers to perform the following transactions remotely: paying bills, replenishing mobile phone plans, managing payment cards and other account balances, and transferring money between their own accounts or to other people. This follows Prasac’s introduction of its “Cash-by-Code” service, whereby customers can transfer funds to people who do not hold an automated teller machine (ATM) card using a security code, which the recipient enters into any of Prasac’s 114 ATMs in Cambodia to receive his or her cash. Prasac reports that its customers made approximately 6,000 Cash-by-Code transactions, amounting to an estimated USD 325,000, from January to June 2016.
Prasac offers credit, savings, bill payment, funds transfer and payroll services from 181 branches. As of December 2015, it reported total assets of USD 1.05 billion and a gross loan portfolio of USD 857 million outstanding to 318,000 borrowers. As of the same month, Prasac reported USD 467 million held for 463,000 depositors and net profit of USD 46.5 million. Compass Plus employs approximately 400 people across its offices in Brazil, Jordan, Malaysia, Russia, the United Kingdom and the United States.
By Michelle Dold, Research Associate
About Prasac Microfinance Institution Limited
Prasac was founded in 1995 as the credit component of an agricultural support program that was funded by the European Union and implemented by the Royal Government of Cambodia. It was registered in 2004 with the Cambodian Ministry of Commerce as a private limited liability company and is licensed by the National Bank of Cambodia to offer financial services including credit, bill payment, funds transfer, payroll services and savings. As of December 2015, Prasac reported total assets of USD 1.05 billion and a gross loan portfolio of USD 857 million outstanding to 318,000 borrowers. As of the same month, Prasac reported USD 467 million held for 463,000 depositors and net profit of USD 46.5 million. As of 2015, 85 percent of Prasac’s borrowers are women.
About Compass Plus
Compass Plus provides banking and payment processing products, including software for card management, remote banking, and fraud and security. Founded in 1989, it operates from a sales and marketing headquarters in the United Kingdom, a research and development headquarters in Russia and additional offices in Brazil, Jordan, Malaysia, Russia and the United States. Compass Plus has approximately 400 employees as of 2016.
Sources and Additional Information:
 Banking Tech: “Cambodia’s Prasac launches remote banking with Compass Plus”
 MicroCapital Universe Profile: Prasac Microfinance Institution Limited
 MicroCapital Universe Profile: Compass Plus
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