Improved Welfare for Women and Youths in Gambia Through Access to Finance
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Date
2022
Authors
Manja, Laston P.
Badjie, Isatou A.
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Abstract
Access to finance, and more broadly financial inclusion, is one of the key challenges faced by households in The Gambia, given its underdeveloped financial sector. Financial services in The Gambia are both formal and informal, yet access to both is very low, with only 31 percent of individuals being financially included; 19 percent have access to formal finance, while 12 percent rely on informal finance. Additionally, there is significant marginalization in terms of access to various forms of finance across different demographics. This divide is particularly pronounced by gender and age, as women and youths tend to rely more on informal sources, which often attract high interest rates. Only 15 percent of women accessed formal finance compared to 23 percent for men, although women are more informally included than men. By age, youths are more financially excluded than seniors, with only 14 percent formally included and 9 percent informally included. Addressing the low participation rate of women and youths in finance requires evidence-based policies that promote easy access to finance. This is essential to achieving the 2nd priority of the 2018–2021 National Development Plan (NDP), now extended to 2022.