Central Bank: Financial inclusion can complement financial sector stability

Friday, February 01, 2019

The first deputy governor of the Central Bank of The Gambia, Dr. Seeku A.K. Jaabi has said that financial inclusion is being seen as an effective tool for monetary policy transmission. He added that when properly managed, it will be an effective tool for financial stability.

Dr. Jaabi made these remarks during stakeholders’ meeting on the formulation of The Gambia National Financial Inclusion Strategy (NFIS) held on Wednesday 30 January 2019 at the Central Bank.

“Our gathering here is mainly to extensively discuss the way forward in drawing the financial inclusion strategy by forming a task force and later get the task force into working groups with assigned topics to work on,” he explained.

He explained that the Central Bank of The Gambia in collaboration with key stakeholders, developed a concept paper on the National Financial Inclusion Strategy which was distributed to wider stakeholders to solicit their comments.

The Gambia, he said, has been promoting a greater financial access for long with multi-faceted financial service providers and indeed a lot has been accomplished.

“Consequently, the promotion of financial inclusion, which refers to the process of ensuring access to timely, affordable and adequate financial services to all in the economy, has become a goal of public policy in developing countries,” he said.

Dr. Jaabi emphasised that the key gap in the financial sector has been a key financial inclusion strategy to guide the sector to expand the financial access frontier to all.

The first deputy governor revealed that they have two UNCDF consultants to assist them in the formulation, monitoring and evaluation and implementation.

Another support from UNCDF is the Participation of Women in the Economy Realised (PoWER), he revealed, adding that it is a diagnostic UNCDF developed in partnership with the Gates Foundation to better understand the obstacles faced by women and girls to access financial services.

With support from their partners AFI, World Bank and IMF, the ground is set for them to consult extensively and formulate a strategy that will be user friendly and guide the nation through to greater financial inclusion opportunities. 

Author: Fatou B. Cham