Cambodia's Microfinance Industry and Debt-Linked Suicides

Content warning: This reporting project discusses suicide.

A 2023 story published in The Guardian documented a string of debt-linked suicides or attempted suicides of heavily indebted Cambodian microfinance borrowers. The industry’s standards setter for client protections, Cerise+SPTF, requested that four loan firms have their certifications placed under review, and called the firms’ claims that there was no misconduct insufficient.

But two years later, more borrowers have taken their lives, with families citing debt-related stress and harassment from credit officers as contributing factors. And the loan firms have maintained or improved their ratings. Major development agencies and impact investors use these certifications as justifications for their investments.

In this project, journalist Leila Goldstein explores what is happening on the ground for microfinance borrowers in rural Cambodia.

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