United
Nation Capital Development Fund (UNCDF), in collaboration with the European
Union (EU), yesterday organized a day forum on financial inclusion to make
public and private finance work for 47 least developed countries in the world.
Ms.
Assata De, UN resident coordinator said the risk of exclusion is well known to
all, saying continued exclusion of youth from the labor market is likely to
reinforce the cycle of poverty and ultimately become a risk for social cohesion
and stability in fragile states.
She
said financial exclusion requires urgent action by government’s legal and
regulatory reforms to improve access and supply to financial services, in which
incentives are required for formal banking systems to do business.
“Whereas
they witness a good growth in financial inclusion in The Gambia, the rate of
households that are able to deposit savings in the formal banking systems
remain low as the rates of borrowing from formal financial services provider.”
Stophane
Meert, head of the European Union cooperation said the EU in the formulation
and implementation of the development support projects, considers it essential
to address the root cause of youth and women vulnerabilities to countries not
only an essential weight in the socio-economic fabric of African countries but
also to hold a significant potential for development and sustainable growth of
the continent.
He
said through their programmers in all African countries, their presence in the
EU promotes activities that bring together education, job creation, vocational
training, entrepreneurship and financial inclusion projects for population and
businesses. He said this is an alliance that focuses on topics including
boosting strategic investment and straightening the role of the private sector
to create jobs and to invest in people by investing in education and skills.
“EU
remains particularly committed to ensure that they support projects and use
approaches that build on successful past experiences and allow as far as possible,
synergy and harmonization of both operational processes and methodological
approaches particularly on the matter of financial inclusion,” he said, adding
that although the realities are plural and specific to each country, it remains
very important to build and popularize an understanding of the issues including
the challenges faced by different demographics.
“It
is with this in mind that EU wish to gather all its implementing partners in
the sub-region to work on these various topics, participate in this three-day
workshop in the Gambia and exchange good practices on the projects, under the
leadership of the United Nations Capital Development Fund UNCDF.”
Bai
Senghor, representative of the Central Bank of the Gambia said they are in the
process to build strategy for women and youth to have financial innovation and
to achieve gender equality to empower women and girls.
