Saturday, December 7, 2019

Reliance Bank Signs D50M Loan Facility With the Senegalo Gambia Women’s Federation

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By Ndey Sowe

Reliance Financial Services (RFS) on Thursday November 7th 2019, signed a D50 million load facility with the Senegalo Gambia Women’s Federation (SGWF).

This colorful ceremony took place at the Federal Action Office in Kanifing. The D50 million loan facility was signed by both parties and is aimed for members of SGWF to be enrolled into the Bank’s Women Finance Program for them to have access to the savings and credit facilities of the Bank and to be provided with training and capacity building.

The loan targets 3,000 women members of the Federation across the country.

Awa Khan Ceesay, the President of SGWF said the Federation consist of 3,000 members who are engaged in different areas of income generating activities such as poultry farming, fishing, food processing, designing and agriculture.

She applauded RFS for contributing towards the success of women and members of the Federation. She highlighted the success of the federation through other institutions and organizations across the country. assuring that the money will be put into good use and will be disbursed according to the needs and capacities of women.

Momodou Joof, the Head of Operations at RFS said they are determined to continue to avail the limitless opportunities to all Gambian women with enterprising ambitions.
“This is the reason why we are gathered here today to sign this MOU so that all the 3,000 members of SGWF can be enrolled into our women finance program and get full access to our savings and credit facilities together with some training and capacity building,’’ he said; that RFS will now work with members of SGWF directly to ensure the proper utilisation of the loan facility in order to ensure a proper business management and timely repayments by recipients; that RFS will work with members of SGWF to find an amicable solution to the repayment of the loans if there are signs of setbacks from any member.

According to Joof, this is among their most successful program during their thirteen years of existence; that it was successfully piloted in 2014 in the NBR and WCR and it rolled out nationwide covering all districts and regions of the country.

Fama Sarjo Faye, a representative of the Managing Director of RFS, said their mission is to continuously support and bail out Gambians especially women from poverty; that they have been working with the women and are content that SGWF is working towards the same direction.

“We want a partnership that will go beyond six months. We want the D50 million dalasi partnership to go for the next ten years,” She said.

Other speakers at the ceremony include Mrs. Ndey Beram Faye, Vice President of SGWF and Mrs. Isatou Joof Gagigo, Secretary General of the Federation.

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