Uneven Pathways to Financial Inclusion: Physical and Digital Infrastructure in Cambodia, 2008–2023

Cambodia expanded both conventional and digital financial channels between 2008 and 2023, but the extent to which these developments corresponded with different forms of financial participation remained unclear. This study examines the development of branches, automated teller machines, point-of-sale terminals, mobile-money agent outlets and internet usage and assesses their relationships with deposit accounts, loan accounts and active mobile-money accounts. Annual national data were analysed descriptively in levels for 2008–2023. Six ordinary least squares models used 15 annual changes for 2009–2023, with coefficient inference based on one-lag Newey–West heteroskedasticity- and autocorrelation-consistent standard errors. All infrastructure and inclusion indicators ended the period above their 2008 values, although their paths differed. In the physical models, branch and ATM growth were positively associated with deposit-account changes, while only branch growth was associated with loan-account changes. In the digital models, POS growth was positively associated with deposit-account changes. No selected digital indicator was significantly associated with loan-account changes. Internet growth had a negative coefficient for active mobile-money accounts, but the joint model evidence was marginal and requires caution. Mobile-money agent growth was not individually significant in any model. The findings provide partial support for both hypotheses and show that infrastructure–inclusion relationships differ across delivery channels and participation measures. Cambodia’s financial-inclusion policies should therefore combine complementary physical and digital infrastructure with measures addressing affordability, documentation, user capability, service reliability and effective adoption. The estimates represent associations rather than causal effects.