The conference brought together regulators and policy makers across the country including National Assembly Members to discuss challenges and opportunities of the credit union sector.
Foday Sanyang, General Manager for NACCUG said their biggest challenge is regulation; though they have two regulators, Central Bank of The Gambia and Registrar.
He said they want to make sure all regulators are put under one agency to bring efficiency in the credit union sector.
Babucarr O. Joof, General Manager for The Gambia Teachers Union Cooperative Credit Union (GTUCCU) said credit unions are cooperatives that operate under principles that are universal and conventional, adding that those who practice credit union management and governance mostly play that role.
Mr Joof further said that the policy at hand recommends an agency is set up that will serve as a mediator between the government and the cooperative movement.
He said in The Gambia when you talk about cooperatives people think of agriculture alone, noting that cooperatives cover all aspects of life from housing, markets, among others to protect its consumers.
Seeku Jaabi, First Deputy Governor at the Central Bank of The Gambia said an institution cannot operate well when its resources are limited, adding that equity capital, deposit through their members and the attraction of donor partners with good proposals should be made to be able to take care of their mandate.
He advised credit unions to not just give loans and expect payment from customers but instead to follow up to know whether the loan given is having an impact on their businesses because customers make up credit union.
NACCUG is the apex body responsible for the overall supervision and coordination of credit union activities in The Gambia and carry out audit functions for credit unions that cannot pay for the services of private auditing firms.
Credit Unions are set to encourage savings and thrift but also provide consumers’ credit at favorable interest rates.
