MFI Report

The formal banking sector provides attractive financial services products only to Gambians at the high end of the market, thus excluding the lower end of the market through relatively high minimum opening and operating balances on deposit accounts. Reliance is about financial inclusion and as such will endeavour to remove all barriers to opening and maintaining accounts such as minimum penalty fees, high minimum opening and operating balances etc. Similarly, the majority of Gambians including micro entrepreneurs do not have access to credit because of the stringent collateral requirements by the formal banking sector. This has led to the stifling of entrepreneurship and innovation of SMEs. For the Gambia to achieve its development goals and objectives, private sector participation as an engine of growth is vital which equally requires a balanced contribution from all players. The growth of SMEs and micro-enterprises is a condition precedent for supporting a more balanced economic structure that will enhance The Gambia’s growth potential and productivity expansion. At Reliance, credit is accessed on the basis of character supported by sufficient cash flow from the business venture of the customer. In this model, collateral is relegated to a secondary means of repayment and not a pre-condition for advancing loans. Our philosophy is that the average Gambian entrepreneur is hardworking and already trying on his own without access to finance from the Banks. Against this premise, once finance is made available to them, the chances are they would respond positively. We also recognize that a good number of Gambians could not meet the opening balances required to open accounts not to mention maintaining it. At Reliance have regular savings accounts which can be opened with as little as GMD100.00 with an operating balances of GMD300.00 and allows unlimited number of deposits and withdrawals. Cacher