#National News

Reliance Financial Services gives 7 Tricycles worth over D1M to MRG as loan

Mar 23, 2022, 12:44 PM | Article By: Ali Jaw

Reliance Financial Services Limited, a local microfinance company on Thursday presented as a loan a set of 7 tricycles worth over 1 million dalasis to the Motorcycle Riders Association of The Gambia.

These tricycles mark the first phase of a loan agreement package that includes up to 13 tricycles, which is to be paid in 16 months (1year, 4months).

In an exclusive with The Point, Alieu Sowe, business growth and development manager at Reliance Company, informed that they are presenting a set of 7 tricycles, which is part of a total of package of 13 tricycles. 

“This is from a revolving fund that we created for them, which is up to about 5 million Dalasi. The next batch will receive another 6, and then another batch will come. So this is how they are going to rotate." he added.

He said individuals from the association given the loan will be paying in installments into their accounts according their earnings."

He spoke of his company's aims, which he said, is to reduce unemployment rate in the country, thereby giving people the opportunity to earn income and to also curb illegal migration commonly referred to as the ‘Back-way’.

This, he added, will also create a conducive environment to make a decent living right in the country.

The company, he added, now wants to focus on the young people, further reminding that these loans are not only limited to these organisations, but to all other young people who need employment.

He thus urged youth to go get these loans from Reliance Financial Services, whether they have accounts with Reliance or not, as they are willing to help in whatever way possible to ensure youths get engaged in meaningful ventures.

Quizzed as to whether the conditions of the loans are not stringent, Sowe replied: "not actually, of course every loan will come with some certainties to make sure that the loan is paid.

"We looked at those things, but aside from few things, it is not difficult."

According to him, they have tried all means to minimise the risk for clients.

“For instance, when it is an association that the loan is being awarded to, the association must guarantee that it stands by members to help them when struck by unfortunate circumstances, which incapacitates them in being able to pay back the loan.”

He also revealed that a business advisory is open for all of them, and a relationship manager is also attached to them to provide guidance and counseling.

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