Press release
The Ministry of Trade, Industry, Regional Integration and Employment in collaboration with the Ministry of Finance and Economic Affairs and the Central Bank of The Gambia, wishes to inform the general public that on Wednesday 3rd February 2021, a task force has been formally set up to work on the modalities of establishing a Credit Reference Bureau (CRB).
The role of the task force is to establish a credit reporting system, including the legal and regulatory framework that establishes the environment, rules, and rights of the public and private stakeholders. This body will provide the direction critical to strengthening financial inclusion through upgraded credit bureaus to facilitate Micro, Small and Medium Enterprises (MSMEs) access to finance.
The credit reporting system will help ensure financial stability by enabling more responsible access to finance and can play an instrumental role in expanding access to credit and other credit-related services to the underserved and unbanked. It will also facilitate lending processes by providing lenders with objective information that can lead to reduce portfolio risk, transaction costs and expanded lending portfolios. By doing so, the credit reporting system will enable lenders to expand access to credit to creditworthy borrowers, including individuals with thin credit files, particularly women borrowers, micro-entrepreneurs, and MSMEs.
