He said non-performing loans ratio was 4.5% in June 2020. He confirmed that the banking sector remains fundamentally sound with a high level of capital and liquidity.
“Year-on-year, total assets of the industry expanded by 7.0% to D51.8 billion as at end-June 2020. The risk-weighted capital adequacy ratio stood at 35.7% as at end-June 2020, higher than the statutory requirement of 10%. All the banks are above the minimum capital requirement.” He declared.
Governor Jammeh further revealed that the non-bank financial sector continues to play an important role in extending financial services to the low-income population.
As at end-June 2020, he added that total assets of the three finance companies expanded by 4.0% to D1.6 billion compared to D1.5 billion in March 2020.
The economist further stated that the total deposits mobilised increased by 5% to D1.2 billion during the period under review. He added that total loans extended increased by 0.06% to D309.7 million as at end-June 2020 from D309.5 million a year ago.
“Mobile money financial services continue to grow both in terms of membership and transaction volumes. Total transactions measured by the deposits and withdrawals from Mobile Money Wallets increased by 34.0% from D40.5 million in March 2020 to D54.3 million in June 2020. Membership increased by 6% to over 36 thousand during the period under review.”