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Gambia: Reliance Introduces New Development Initiative

Reliance Financial Services, a major financial intermediary in The Gambia that is out to help small businesses grow, has hit the bull’s eye again. It has also opened a new financial services kiosk at the Serekunda Market to render effective and efficient services to its burgeoning Market Customers in Serekunda.

The new liquid development initiative introduced by Reliance is called ‘Deposits for Development’.

The Deposits for Development scheme offers socially responsible Gambian companies, both for profit and not for profit alike as well as high net-worth individuals, the opportunity to invest in Fixed Deposits at Reliance.

“These funds are then used to finance small businesses and micro-entrepreneurs in sectors of their preference for priority intervention by Reliance,” said Reliance’s CEO Baboucarr Khan at the launching of the new product on Wednesday at the Reliance Head Office on Kairaba Avenue.

“The Deposit for Development scheme may be used to extend credit to particular projects, communities or causes based on the expressed wishes of the client concerned,” he said, adding that the choice of investment will be limited to a list ratified by Reliance.

Mr Khan stated that the new initiative would attract socially responsible investments, create opportunity for competitive financial returns to the stakeholders, influence economic agenda, as well as bring out positive social impact and tangible, visible results.

The mode of operations, Mr Khan explained, would be a minimum deposit account of D0.25 million, a minimum period of three months, option to choose a cause to finance, and graded scale awards of cumulative nature.

The awards include Bronze Award for Deposits under one million dalasis, Silver Award for deposits between one million dalasis and five million dalasis, Gold Award for deposits between five million dalasis and ten million dalasis, Platinum Award for deposits above ten million dalasis, Certificate of Deposit, and a displayable Certificate of Recognition as Partner in Development.

“In addition, every new subscriber to the Deposits for Development Scheme [DfD] will be listed in our quarterly newsletter and all new and existing Development Partners will be included in our Annual Reports,” Mr Khan said.

According to CEO Khan, the new products would offer reasonable interest returns and positive social impact to customers. It would also raise the publicity profile of the institution in the selected community, increase customer loyalty, and help the customers meet their corporate social responsibility objectives, he added.

He further said the benefits the DfD would create for The Gambia and its people include support to Government and other development role-players in improving the quality of life of the people of The Gambia through the funding of entrepreneurship projects; accelerate the sustainable reduction of poverty and restoring dignity, and promote broad-based economic growth and nationwide economic integration.

One of the burning questions regarding the new product is “How do I know that our funds will be used towards development?”  To this, CEO Khan responds aptly: “Reliance will provide detailed information on sector lending as well as testimonials from clients who have benefited from this scheme.”

Almost all the heads and representatives of institutions at the DfD launch raised pertinent questions and concerns regarding the product. But Mr Khan and his team at Reliance were able to do justice to some of the questions and concerns, and others were reserved for detailed discourse with the would-be depositors.

Meanwhile, the Gambia Ports Authority has declared their intention to cooperate or do business with Reliance.

From small beginnings come great things, they say. This proverb has been put in motion at the Serrekunda Market where Reliance yesterday opened a new banking services kiosk to meet the financial transaction needs of its clients at the Serekunda market and its environs.

“I have the singular honour and privilege of being invited as the Chief Guest of Honour at the official inauguration of the First kiosk deployed by Reliance Financial Services Company Limited here in the heart of the Serrekunda Market,” said the new Mayor of the Kanifing municipality, Hon. Alieu Momar Njie, who cut the ribbon to officially open the new financial services kiosk.

“The deployment of this innovative Kiosk is a phenomenal milestone in the way banking services are delivered to the people of The Gambia,” Mayor Njie added

Professionals and heads of institutions attended the occasion which attracted hundreds of market women and men in Serrekunda. The dancing and drumming with songs and speeches of appraisal for Reliance by the market women was the talk of day and for days un end by the stakeholders.

A good beginning is the half the work, and Reliance will today proceed to Barra for another inauguration.