Financial Services and NEDI have signed a memorandum of understanding to
Statistics reveal that 41% of the enterprises are owned by youth within the age bracket of 18-35 years and 34% of these enterprises are owned by women; the sole contributor of the country’s GDP.
The Director of NEDI, Landing Sanneh, said the mandate of the MoU was to expand its network in supporting youth and women in small scale businesses.
He said the negotiation of understanding was held about two months age as they saw Qodoo impact the lives of people, especially youth as they are in a technology world.
Sira Ndow, Director of Qodoo Services explained that the MoU was a win-win situation, adding that NEDI would be able to extend digital financial services solutions to the groups it serves without heavy investments.
“Qodoo has the opportunity to present mobile money as a solution to well-informed and enlightened customers’ base and youth entrepreneurs could avail themselves to low and innovative services that meet their needs and sell them globally.”
She added that Qodoo was to ensure that access to financial services was extended to hard-to-reach populations and expansion of financial literacy education and capacity to understand the different financial products and services.
She further mentioned that NEDI and Qodoo Mobile Money would bring collective expertise for accelerated growth rates and further deepen the expansion of financial inclusion in The Gambia, particularly among their most vibrant group of entrepreneurs; the youth and women.
She decried the low level of financial literacy and access to finance and financial services, particularly among some vulnerable members of society and said these could be detrimental to economic growth and poverty alleviation.
Ismaila Sambou, aspiring entrepreneur from the Gambia Youth Chamber of Commerce, said entrepreneurs were significant for any nation’s development.