Earlier this year, The Central Bank of The Gambia developed its first ever financial inclusion strategy to build impetus and push forward reforms to reach nationwide financial inclusion in a united and sustained manner. The strategy was developed with the technical support from the UN Capital Development Fund and funding from the European Union (EU) and Alliance for Financial Inclusion (AFI).

The official launch that took place on 26 January 2022, was attended by high-level government and partners representatives in the capital Banjul.

“The NFIS is our national blueprint for designing policies that are intended to curtail the challenges of accessing finance and aims to effectively onboard 70% of our adult population to the formal financial sector by 2025,” said The Gambia’s Vice President Dr. Isatou Touray, who gave a statement on behalf of the President Mr. Adama Barrow.

The Gambia aims to provide financial access to 70% of adults by 2025 through.

Financial inclusion is an essential part of that process, with much work to be done. The Gambia has one of the lowest financial inclusion rates in West Africa.The NFIS includes a broad range of coordinated interventions to ensure responsible financing reach the most vulnerable segments of the population - women, youth and the poor. Furthermore, the NFIS will address the need for consumer protection and empowerment. In doing so, the strategy also supports the National Development Objectives of social protection and women empowerment in The Gambia.

As stressed by The EU representative Ms. Lumana Kamashi: “The Gambia has reached an important milestone. With financial inclusion, access to banking and lending services, comes economic advancement, development and opportunities – for individuals, communities and for the country as a whole.”

To build the financial capabilities of consumers and increase their awareness and uptake of financial services, one of the interventions of the NFIS aims at establishing a gender inclusive and youth financing working group. This group will be set up to identify and remove barriers to the development of innovative financial products for women and youth.

Another vital component of the NFIS is the design of a capacity building programme for women and youth to improve financial literacy and access to digital services. Dr. Seeku Jaabi, First Deputy Governor of the Central Bank of The Gambia, explained that the NFIS encompasses fast-tracking of financial inclusion to augment the use of innovative technology, including mobile, agency banking and fintech.

He further highlighted that the formulation and implementation of the NFIS based on three pillars: financial innovation, consumer protection and empowerment and financial education and literacy which are all vital to create a financial system that promotes inclusive economic growth and empowerment of all Gambians. As financial inclusion is seen as an enabler for achieving eight of the seventeen UN Sustainable Development Goals (SDGs), the Gambia’s NFIS is consciously aligned with these objectives especially SDG 5 which focuses on achieving gender equality and economic empowerment of women.

“One of the ways UNCDF delivers on our mission, is by equipping people to use innovative digital services in their daily lives that will empower them and contribute to achieving the Sustainable Development Goals”

- UNCDF Executive Secretary Preeti Sinha

As a contributor to the drafting of the strategy, UNCDF leverages digital financial inclusion to promote the growth of inclusive digital economies. “One of the ways UNCDF delivers on our mission, is by equipping people to use innovative digital services in their daily lives that will empower them and contribute to achieving the Sustainable Development Goals (SDGs),” said UNCDF Executive Secretary Preeti Sinha.