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The Ministry of Agriculture is spearheading the Gambia All Village Savings and Credit Associations (VISACA) Congress at the Sheraton Hotel and Spa in Brufut. The two-day forum brings together stakeholders in the micro-finance institutions across the country to validate and finalise the draft constitution and adopt it as one national VISACA apex body as well as elect a board of directors that will oversee the affairs of the micro-finance institutions.
It also seeks to help attain a common, shared understanding and commitment to the ideals of VISACA concept and sound practices in micro-finance in The Gambia.The forum further provides a platform for experts, donors and practitioners to share experiences and dialogue on building a VISACA network capable of providing sustained and affordable finance.
In his opening statement on behalf of the deputy minister of Agriculture, the deputy permanent secretary, Ministry of Agriculture, Kekoi Kuyateh said the primary goal of the Rural Finance Project (RFP) is to support the creation of an enabling environment for the development of rural micro-finance. He explained that these goals could only be achieved through three components: institutional strengthening of micro-finance institutions, strengthening of service providers and recruitment of an external technical service provider.
DPS Kuyatey also informed the gathering that the government of The Gambia believes that there is no better way to develop the country other than educating the population, and that the project seeks to develop the capacities of the various stakeholders involved in the industry.
"The government has recognised the important roles micro-finance plays on the lives of the people and has committed itself to creating an enabling environment for development of the micro-finance sub-sector,"he stated.
He disclosed that the government of The Gambia in collaboration with the International Fund for Agricultural Development (IFAD) has chosen the VISACA as one of the micro-finance delivery technologies to address access to financial services by the poor especially farmers and the rural communities.
He expressed hope that all the main recommendations would be incorporated and implemented thereby helping the micro-finance stakeholders to have an institution to spearhead the development of the industry.
For his part, Basiru Njie, first deputy governor of the Central of The Gambia (CBG) informed the forum that the Central Bank is unreservedly committed to the development of a robust, responsive and inclusive financial sector. He explained that micro-finance institutions are sustainable if they are designed properly with built-in risk mitigating strategies; tap on linkages with commercial banks and embrace technology that is scalable, reliable and affordable. “Because many VISACAs are standing alone and lack a scale, they are unable to make use of technology to increase outreach at low cost. We therefore recommend that the VISACAs explore pooling resources and establish an umbrella organisation akin to the National Association of Cooperative Unions (NACCUG),” he said.
He went on to stress that a well thought out apex institution should be better able to leverage on appropriate technology, develop partnerships to enhance synergies and provide training.
Speaking earlier, Sam Ali Asheroft, the acting project coordinator of RFP revealed to the gathering that currently, there are 74 VISACAs operating in The Gambia.
He urged for close partnership and support to help the project achieve one of its salient mandatory objectives, which is creating a VISACA Apex and supporting a union government of VISACAs to help access to financial services by communities and contribute to poverty reduction. He further stressed that an effective and efficient board of directors is a prerequisite for a sustainable VISACA system in The Gambia. Musa Jawneh, the president of The Gambia Farmers Platform also spoke at the ceremony
