Information:
The GAWFA Finance Company Gambia Limited (GFC) was founded
in Banjul in 1987 as a non-profit NGO whose main aim
is in empowering low-income women entrepreneurs through
microfinance.
 It
began with a direct lending program offering microcredit
services to poor farmers, people engaged in income generating
commercial activities and enterprise training. In the
same year it was allowed membership into the Women's
World Banking (WWB) network in New York.
Loan Products:
Individual
Large Group
Solitary Group
* Lending to groups stands at around 65% of its activities
- most of which is outside of Banjul capital.
In 1990 a loans scheme (supported by Standard Chartered
Bank Ltd and the womans World Bank (WWB) was launched
to provide greater access to credit for women. In 1994
however, due to the quite poor repayment rates, GAWFA
made it a condition that customers had to save money
before they were allowed access to funds. It also introduced
a program of group lending. These changes subsequently
resulted in a to a near 100% improvement in repayment
rates.
In 1997 GAWFA became the initial microfinance institution
to be granted a license to operate as a Savings and
Credit Company by the Central Bank of Gambia. This was
in line with the 1992 Financial Institutions Act and
is targeted at rural and urban areas.
At the end of 2010 GAWFA had a total membership of 49,000
with over 14,000 active borrowers on their files. Over
95% of those that the company lends money to are women
who wish to pursue various business enterprises.
Its membership services includes non-financial assistance
such as training for capacity building via its affiliated
partners and related organisations.
In January 2010 the GAWFA was instructed by the Central
Bank to set up a finance company, with shares, to take
over its financial services activities.
Other Products & Services:
Integrated Savings
and Credit Scheme
Business Advice and other Activities
The Voluntary Savings Scheme
Partners:
AECID
Gambia Micro Finance Network
Ministry of NGO Affairs
GOTG & Rural Finance Project - IFAD
The Association of Non Governmental Organizations (TANGO)
The Gambia Social Development Fund (GSDF)
Women's Bureau
WWB
One of its other functions is in the area of campaigning
and lobbying to influence government policy for the
benefit of low income females and microfinance organisations.
Today, GAWFA stands as the first and largest microfinance
institution in The Gambia with a number of branch offices
spread in the rural village areas.
GAWFA Branches:
North Bank Office
Upper River Region
Directions:
From the Mamadi Manjang Highway go into Jimpex road
and take the second turn to your left and the MFI is
located to your right.
Opening Hours:
Monday to Thursday: 9am to 5pm
Friday: 9am to 12.30pm
Saturday/Sunday: Closed |
