Farmers listening keenly to statements that suggest saving with microfinance institutions will help them access loans easily (Photo Credit: Mamadou Edrisa NJie) |
The United Nations agency, International Fund for
Agricultural Development, IFAD, is linking beneficiaries (farmers) of four
projects in The Gambia that it is funding, to microfinance institutions (MFIs) in their respective
regions.
The Rome-based anti-poverty agency’s Country Programme Approach (CPA) currently supports
projects in Gambia that include the Rural
Finance Project (RFP), Participatory Integrated Watershed Management Project
(PIWAMP)/National
Agricultural Land and Water Management Development Project (Nema), and Livestock and Horticulture Development Project (LHDP).
Done in
collaboration with the Micro-Finance Department Central Bank of The Gambia
(CBG) and Global Youth Innovation Network Gambia chapter (GYIN Gambia), the
linking of farmers to microfinance bodies is meant to help them have access to
savings and loans.
Farmers in rural
Gambia have little or no access to conventional banking. Officials are now
meeting with beneficiaries of LHDP, PIWAMP/Nema and RFP to discuss opening accounts
with MFIs like the national association of co-operative credit unions of the
Gambia (NACCUG), Gambia women finance association (GAWFA), and Reliance
Financial Services.
It is intended
to ensure sustainability and to address possible funding gaps, according to
officials.
Kebba L. Jarju of the CBG’s Microfinance
Department said linking farmer beneficiaries to MFIs for sustainability is very important
when he spoke to farmers in West Coast, Lower River, North
Bank, Central River, and Upper River regions.
It’s very important for the farmers to open account
with the MFIs as they (farmers) cannot have access to conventional banks in the
form of savings or loans, but with the VISACA’s, NACCUG, GAWFA and Reliance
Financial Services it will be easy for them to do savings and have access to
loans, Jarju said.
“I encourage all farmers across the country to be
saving with the financial institutions in their local communities,” he said,
citing that the Central Bank always encourages Gambian farmers to deal with
registered financial institutions.
The CBG supervises all registered financial
institutions and Jarju said the microfinance intuitions have sound financial
systems. These institutions are based in local communities to serve low income
earners, he added.
Therefore, he encourages farmers to make best use of
the MFIs be it individual, groups or villagers. Saving with the MFI will help
them to access loans easily than in other [conventional) banks, said Jarju,
giving the thumbs-up to IFAD.
He said for the projects to come together to have
one team that is linking its beneficiaries to the MFIs is a move in the right
direction which CBG management welcomes wholeheartedly.
Written by Modou S. Joof
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