#Article (Archive)

Access Bank Partners With Nasaca/ Visaca & Microfims

Jul 25, 2008, 9:22 AM

On June 24, 2008 Access Bank (G) Limited, Microfims and NASACA/VISACAs signed a strategic partnership agreement based on the initiative of the Rural Finance Department of the Central Bank of The Gambia and the Rural Finance and Community Initiatives Project (RFCIP). The agreement aims to encourage linkage between the microfinance operators and conventional banks, to promote linkages to enhance efficiency, effectiveness and access to banking services for all. While commercial banks do not cover the majority of the rural areas, VISACAS encounter difficulties which could be ameliorated by such a partnership.

The aim of this partnership is to strengthen existing VISACAS for effective service delivery and promote access to financial services at all levels for income generation and enterprise development. It is a pilot project and eight Visacas in the Western region have been selected to benefit from the partnership. They are: Berending, Darsilami, Faraba Banta, Kabekel, Kuloro, Sukuta, Tujereng and Kartong.

The agreement clearly spells out the obligations of all parties concerned. Access Bank undertakes to provide support for capacity development of the Visacas through the Technical Service Providers, Microfims. The bank will also provide credit facilities to the Visacas at concessionary rates while at the same time manage excess liquidity in the VISACAS.

The occasion ended with the signing of the partnership agreement by the Managing Director of Access Bank Gambia, Mr. Yomi Akapo, Mr. Omar Touray of Microfims and Mr. Mohammed L. Touray, Secretary General for NASACA in addition to representatives of all eight (8) VISACA bodies. Present at the ceremony were several senior staff of the Rural Finance Project, MICROFIMS, GAMFINET and NASACA.