Lasting Solutions partners with Software Group to promote financial inclusion

Tuesday, August 29, 2017

Software Group, in partnership with Lasting Solutions, at the weekend organised a workshop on financial inclusion using alternative channels such as agency banking.

Software Group is a technology firm focused on delivery solutions for the financial inclusion.  Financial inclusion is drawing the unbanked population into the formal financial system so they have the opportunity to access financial services ranging from savings, payments and transfer of credit and insurance.

Speaking at the workshop held at the Senegambia Beach Hotel, the first deputy governor of the Central Bank of The Gambia, Dr Seeku Jaabi, said financial inclusion is the centre stage of development policy agenda and the central bank is a leading stakeholder driving the course.

He said the vast majority of poor households live and work in the informal economy with less access to productive resources including finance from the formal sector.

“This has over the years aggravated their condition including difficulties in gaining wage-earning opportunities, they live and work in the informal economy not by choice but by necessity,” Dr Jaabi said.

He explained that financial inclusion is a critical element that makes growth inclusive as access to finance can enable economic agents to make their longer term consumption and investment decisions, participate in productive activities, and cope with unexplainable short-term shocks.

He said financial inclusion has emerged as an important topic on the global agenda for sustainable long-term economic growth.

“A number of central banks both emerging and developed countries, The Gambia without exception, have put in place various initiatives to promote financial inclusion in their countries,” the CBG first deputy governor said.

In The Gambia, he noted, Reliance Financial Services implemented agency banking a couple of years ago linking clients and agents across the country.  Also, two GSM operators are into mobile money services, all in the attempt to expand the financial access frontier.

Clemence Darko, business development manager of Software Group, said banks and other institutions should consider financial inclusion alternative channels to boost their markets for rapid production.

The director of business development at Lasting Solutions, Alhagie Mbowe, said Lasting Solutions, in partnership with Software Group, would “take this partnership further”.

Author: Adam Jobe