EYEAFRICA TV: Banjul, The Gambia: First deputy governor of the Central Bank of The Gambia (CBG) said international financial remittances remain a potential mover of Gambia’s GDP which is often estimated at 50% of official reserves.
Dr Saikouba Jabbi said the country’s remittance figures received in 2019 reached 318.5 million US Dollars, equivalent to 16.4 billion dalasi. This is from a level of 277.8 million in 2018, registering a growth of 40.7 million US dollars or 14.7% during the period.Addressing the third Stake in the Nation Forum (SNF) at Kairaba beach hotel on Saturday, Dr Jabbi said the figure shows that private remittances continue to increase significantly and constituting 20% of Gambia’s GDP. “These are official private remittances. CBG and key stakeholders are working with the Africa Institute of Remittances to conduct a survey on official private remittances to access the quantum often estimated at 50% of official reserves,” he said.
Stake in The Nations Forum is a consultative dialogue organised by GK Partners and the Office of The President. It is mix of diaspora homecoming, policy forum, consultative mechanism and professional networking for diaspora and sustainable development.
According to Dr Jabbi, the top five money transfer organisations, including a registered local MTO form 60% of total remittances in The Gambia and 108 bureaus are registered with the Central Bank of The Gambia with over 400 locations across the country.
He said these financial institutions are providing effective linkages with banks and other financial institutions to move the transfers to the door steps of the people.
The SNF is part of the Technical Cooperation Programme (TPP) co-financed by Swiss Agency for Development and Cooperation. It is implemented and co-financed by GK Partners in partnership with the Government of The Gambia under its Migration and Sustainable Development in The Gambia.
The CBG official said with the financial sector moving more towards digital in 2020, it is their hope that timely data collection on remittances will also increase considerably, saying CBG is closely working with key stakeholders, including mobile money operators, commercial and micro finance institutions, bureaus etc to formulate and develop the national financial inclusion strategy that aims to increase financial inclusion.