The first deputy governor, Central Bank of The Gambia, Dr. Seeku AK Jaabi, has said that with the proliferation of banks in The Gambia, the expectations are that it would lead to increased competition and the resultant efficiencies.
The First Deputy Governor made these remarks at a two-day consultative workshop on financial sector developments and compliance, held at Baobab Holiday Resort in Bijilo last Wednesday.
According to Dr. Jaabi, the central aim of the workshop is to bring all major players in The Gambia’s financial sector together to interact, engage and share expertise in different areas of finance as they relate to the current financial landscape.
“More technologies and innovations leading to deepening of the financial systems. This will in a long way complement government’s efforts in reducing financial exclusion, unemployment, poverty and boost the attainment of other macro-economic objectives. In the process, the agenda of financial inclusion through bringing the benefits of the financial services and products to the door steps of the poor and under-privileged will enable them to participate in the financial sector and share the benefits of sustained growth attained,” he said.
“The perception that the financial sector is the most regulated sector of the economy may be true to the extent that most of the financial activities in economy passed through financial institutions and in most cases they are highly leveraged.”
Advertisement New
Advertisement New
He further disclosed that regulation and supervision are key and this should always be enhanced to ensure that the many risks associated with banking operations are identified, measured, monitored and mitigated as effectively and expeditiously as possible.
He urged participants from commercial banks, insurance companies, finance companies and foreign exchange bureaus, to take full benefits of these interactions for better treasury and sustainable debt management while promoting financial inclusion in the country.
“And it is our commitment to have such consultations on annual basis to tackle challenges together and exploit opportunities available to us. Such that at the end of it all. We shall emerged as better equipped persons ready and willing to make positive changes to translate into addressing our key challenges of de risking by global banks. And add value to our on-going individual and collective efforts to foster growth and development in the financial sector and to the economy as a whole,” he said.
Advertisements Advertisements bottom Advertisement New We make podcasts that brings out the truth about the Gambia!...
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
Cookie
Duration
Description
cookielawinfo-checkbox-analytics
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional
11 months
The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy
11 months
The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.