Financial Inclusion and Crime Prevention in Gambia: A Pathway to Economic Growth?

A National Strategy for Financial Inclusion

The Central Bank of The Gambia has launched its National Financial Inclusion Strategy (NFIS) with ambitious goals to bring up to 70 percent of adults into the formal financial sector by 2025. Governor Buah Saidy spoke to AFI about the key interventions driving this strategy, including policies to enhance financial literacy and strengthen consumer protection frameworks.

Empowering Vulnerable Groups

Gambian women and youth are at the forefront of the NFIS efforts. To address their unique challenges, the Central Bank has established a Financial Literacy and Consumer Protection Working Group. This initiative aims to raise awareness and provide adequate redress mechanisms for users of financial services, particularly women and youth.

Key Objectives

• Raise awareness on financial literacy among vulnerable groups
• Provide adequate redress mechanisms for users of financial services
• Guide activities of financial institutions in offering gender-sensitive products and services

Collaboration with Stakeholders

The Central Bank is also collaborating with the Women Enterprise Fund (WEF) and the Ministry of Youth and Sports to improve financial access for vulnerable groups. A loan was granted to MOYS to provide financial access to youth engaged in animal rearing, while a staff member was seconded to WEF to provide technical assistance in implementing policies to accelerate financial inclusion of women.

Digital Financial Services

Digital financial services (DFS) are playing a crucial role in increasing access and use of formal financial services. With high mobile penetration rates in The Gambia, DFS has the potential to overcome traditional constraints such as distance to services and limited rural finance infrastructure. The Central Bank is working on strengthening the Gambia National Switch (GAMSWITCH) to widen the national platform for DFS.

Partnership with AFI

The Central Bank’s partnership with AFI has been instrumental in advancing financial inclusion in The Gambia. AFI has provided technical support to build the Bank’s capacity, including sponsored trainings and peer country study tours. Regular participation in AFI Working Groups has also enabled the Bank to share experiences and learn from peer countries.

Conclusion

As the Central Bank continues to drive forward its NFIS goals, it is clear that financial inclusion and crime prevention are closely linked. By providing access to formal financial services, vulnerable groups can be empowered to participate in the economy and break cycles of poverty and exploitation. With a strong focus on consumer protection and digital innovation, The Gambia is poised to become a model for financial inclusion in Africa.