GAWFA to be transformed into financial institution

Oley Dibba Jagne, general manager of the Gambia Women’s Finance Association (GAWFA), has said that the Central Bank as the regulatory body has formally requested the association to transform its present status as a non-governmental organisation into a financial institution.

The reason according to her,is that the capital requirements have been revised upwards for all the commercial banks, insurance companies and micro-finance companies, of which GAWFA is not exempled. “The other purpose is to encourage all financial institutions to grow with the economy which is growing rapidly,” she said.
M
rs Dibba Jagne made these remarks while delivering her report on Saturday, during GAWFA’s 20th annual general meeting (AGM) at the Gambia Senior Secondary School  hall in Banjul

According Mrs Dibba Jagne, GAWFA has a board of directors of 10 members who are the trustees and caretakers of the institution, oversee its activities and safeguard the interest of all its stakeholders. She disclosed that a transformation commitee has been appointed by the board of directors, and that their mandate is to review the mission and vision of GAWFA, review the memorandum and articles of association in line with the requirements of a limited liability company, review GAWFA’s membership to detemine category and geographical location, tax implications,  review the existing products and services, prepare a strategic plan for 2008-2010, sensitize members on the transformation, prepare a prospectus, prepare a budget and report to the board.She outlined the ownership of the company and dividends on profits, as the benefits for women farmers.

For her part, Hannah Davids, chairperson of the board of directors expressed delight to be associated with GAWFA and also thanked the founding members of the association, which  is designed to help women entreprenuers to alleviate poverty.

“At present, GAWFA has a loan portfolio  of over 22 million dalasis with over 19,000 borrowers and net savings of 11 million dalasis with over 46,000 savers (members),” she added.

Ebrima Sallah, finance and administration manager of GAWFA gave the financial report for the years  2005 and 2006.

Others who graced the occasion included GAWFA board members; Ebrima Gano, GAWFA’s Basse branch manager and other staff members from all over the country.  The event also drew more than 200 GAWFA members from all over the country.