The Governor of the Central Bank of The Gambia, Amadou Colley has stated that the introduction of mobile money service in The Gambian economy Is a game changer for financial inclusion. Colley thus expressed his institution’s profound gratitude to Qcell mobile company for their steadfastness in launching this important service in the country given the fact that “over 80% of The Gambian population” have no accessto financial services and conventional banking in the form of retail branches and Automated Teller Machines (ATMs).
Speaking yesterday at the official launching of Qcell’s mobile money service at its head office along Kairaba Avenue, the CBG Governor stated that just like in the rest of the world, telecommunications sector has been instrumental in building and expanding the middle class and helping foster new relationship despite the fact that mobile telephony is largely limited to communication in The Gambia.
According to him, mobile money service can further revolutionise the industry and more importantly provide a new approach to financial inclusion in The Gambia.
“In recognition of the importance of mobile money, the CBG issued a Regulation for the Provision of Mobile Money in 2011,” Governor Colley disclosed. The Regulation, he explained, took into account lessons learnt from markets where mobile money deployments are thriving and views obtained through consultations with telecommunication operators and other stakeholders.
The regulation, he went on, benchmarked to international standards, provides for the delivery of electronic retail payments by telecommunication companies, banks and other financial institutions as well as persons and entities licensed as agents without compromising safety.
As a key enabler, Central Bank boss indicated that financial inclusion is firmly placed on the agenda for the Government of The Gambia and his institution as a key policy priority.
“Having met the licensing requirements and convinced that mobile money would do to the financial system, what prepaid mobile telephony did to the telecommunications sector, by revolutioning the financial industry in unprecedented ways, the CBG granted an operating license to two telecommunication companies; including Qcell to provide mobile money services.”
According to CBG boss, mobile money also provides the users many of whom are poor and have no access to financial institutions a way to save their money.
“The reason why CBG indeed put emphasis on financial inclusion is that studies confirmed that countries have achieved high growth rates with deeper financial systems and financial inclusion provides additional growth boost once depth is accounted for,” Colley stated.
