Gambia: Launch of the Women Finance Deposit Development Programme
The scheme is aiming to help hundred of thousands of women access finance.Financial institution Reliance Financial Services has launched a new programme for women called 'Reliance Women Finance Deposit for Development'.
It said that the programme is built on the principles of reinforcing the social cohesion based on solidarity at the village level, the Daily Observer reports.
The scheme, which targets up to hundred of thousands of women in the country, is aiming to provide access to affordable finance for women entrepreneurs, especially in rural areas, using the village banking programme pioneered by Nobel Prize winner Muhammad Yunus.
Village banking is a microcredit financing method whereby financial services are administered locally rather than centralised in a formal bank.
Loans are linked to savings, so that the more a participant saves, the more she can borrow.
Loans will be granted to members approved by their appointed Management Committees, with Reliance lending at least GMD1,000 (€22.8) against a deposit of GMD10,000.
Women can access loans with interest repayments starting from GMD5 per day and a grace period on the principal for the first three months.