By Bakary Touray Jr.
The First Deputy Governor of the Central Bank of The Gambia, Dr. Seeku Jabbi, has said that as of 2017, 1.7 billion adults globally did not have account at a formal financial institution or a mobile money provider.
Dr. Jabbie said this during the official launching of the national Finscope survey 2019 at a local hotel in Senegambia.
“While this has improved since 2014, when 2 billion people were classified as “unbanked”, it still represents a huge mountain to climb with large proportion of these financially excluded found in Sub-Saharan Africa largely women and youths,” the First Deputy Governor of the country’s apex bank, disclosed.
He noted that financial inclusion has, therefore, become a major subject of great interest for policy makers, regulators, development partners, researchers and market practitioners.
Dr. Jabbi indicated that, cognizant of the impact of Financial Inclusion on Development and in line with its National Development Plan, The Gambia with the help of UNCDF’s Jobs, Skills and Finance Program has embarked on the design of a National Financial Inclusion Strategy (NFIS.)
The objectives of increasing access and usage of quality affordable digital financial services that will enhance poverty alleviation and spur inclusive growth and development and the development of the NFIS is aligned to the main strategic pillars of the country’s National Development Plan 2018-2021.
The CBG First Deputy Governor said it’s aligned with the NDP in the areas of stabilizing, stimulating growth and transforming the economy, making the private sector the engine of growth, transformation and job creation, with the ultimate objective of reaping the demographic dividend through gender and youth empowerment.
The veteran economist cataogued that the NFIS is envisaged among other things, to end poverty in all its forms, including the promotion of social protection system, decent employment and building the resilience of the poor, achieving gender equality and the empowerment of women and girls, promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all, build resilient infrastructures, promote inclusive and sustainable industrialization and foster innovation.
He continued: “Given the limited access to finance in The Gambia, there is a need to develop a comprehensive and inclusive strategy to accelerate the level of financial inclusion. This strategy requires evidence based policies which are going to be provided, thanks to Finscope survey”.
Dr. Jabbi held:“I have no doubt that it will help build regulatory and legal reforms, but also taking initiatives at broader stakeholders level to make formal financial services Available, Accessible and Affordable to the majority of the population in a timely and sustainable manner”.
