Access to Capital - Gambia
Access to capital in The Gambia
The Central Bank of The Gambia
Background
Women constitute almost half of the country’s population, hence they contribute significantly to the socio economic development of The Gambia. However, they are constrained by a whole range of economic, social and cultural factors from successfully accessing financial services. The property rights in rural areas and the consequent control of assets are usually heavily tilted against women. This poses a serious obstacle for women to enter the credit markets due to lack of security.
Introduction to Financial Systems
The Gambia Financial System has evolved rapidly over the last several years, and is markedly liberalised now. Most interest rates are freely determined, direct controls have been eliminated, exchange controls abolished and the country has moved to indirect system of monetary controls using open market operations. These measures increased competition in the domestic financial system.
As a result of developments and policy practices changes in the legislation have also taken place. The Financial Institutions Act (FIA), Central Bank Act (CBG Act) have been revised. The FIA Act 2003 has been enacted while the CBG Act 1992 is almost in its final stage of revision. The Insurance Act 2003 and the Money Laundering Act 2003 have also been enacted.
Importance of Financial Inclusion
Financial Inclusion (FI), which promotes access and the use of high-quality financial services, particularly among poor and women, is crucial to achieving inclusive growth. Access to capital can open up economic opportunities for women hence positively impacting their development. There are many financial Institutions that offer access to finance to women, these include both Micro Financial and Commercial Banks.
There are many financial Institutions that offer access to finance to women, these include both Commercial Banks and Micro Finance Institutions.
List of Commercial Banks
Currently there are 13 Banks in the Industry namely:
- Standard Chartered Bank
- Trust Bank Ltd
- FBN Bank
- Arab Gambia Islamic Bank
- First International Bank
- Guaranty Trust Bank
- Mega Bank
- Access Bank Gambia Limited
- Ecobank (Gambia) Ltd
- Bank Sahelo-Saherienne Pour L'investissement et le commerce (BSIC)
- Prime Bank (Gambia) Ltd
- Skye Bank (Gambia) Ltd
- Zenith Bank
For more information about the above mentioned banks, visit www.cbg.gm
Micro Financial Institutions
A micro finance institution is an organization that offers financial services to low income populations. Almost all give loans to their members, and many offer insurance, deposit and other services. Micro finance has a significant role in bridging the gap between the formal financial institutions and the rural poor.