Madina Sancha VISACA holds AGM, authorities told villagers to do more deposits

AGM delegates

Madina Sancha Village Savings and Credit Association (VISACA) in Medina Sancha village, Kiang West, in the Lower River Region recently held its Annual General Meeting (AGM) at the region.

The AGM brought together dignitaries from the Global Youth Innovation Network Gambia chapter (GYIN Gambia chapter), the Central Bank of the Gambia (CBG), VISACA Apex as well as the villagers and the satellite villages.

Rural Finance Project (RFP) of International Fund for Agricultural Development (IFAD) and Government of the Gambia (GOTG) foster self-sustaining rural Micro Finance Institutions (MFIs) such as VISACAs

VISACAs across the country have provided access to financial services, putting an end to their members’ dependence on shopkeepers and moneylenders.

Delivering his welcoming remarks on the occasion, the Alkalo of Medina Sancha, Mr. Mbye Ceesay thanked the dignitaries and the villagers for their participation in the AGM, which according to him, shows their commitment towards success of the bank.

The Village VISACA President, Aja Sohna Ceesay, for her part, hailed the community and the satellite villagers for honoring the AGM invitation, noting that because of V-Apex’s good monitoring and and supervision they are still operating in the village.

She appealed on behalf of the village women for development organisations, UN Agencies and the government to provide them with a market and a vegetable garden. 

Mr.  Baboucarr Touray, the Village Development Committee (VDC) chairman lauded the efforts of the V-Apex in helping VISACAs holding regular AGMs saying that AGMs are important as they discuss  issues are relevant and worth discussed.  

“We all know what we are benefitting from this village bank directly or indirectly,” he said, while urging the community to double up their efforts particularly in settling their loans on time to sustain the VISACA’s and equally do more deposits in the village bank.”

Speaking on behalf of the V-Apex, Mr. Fanding Darboe expressed delight over the way Medina Sancha community is operating the village bank.  He emphasized that there is still need for improvement particularly in the area of savings into the bank.

 He also lamented that the percentage of people doing savings is still not up to expectation.

His words: ‘’Records have shown that the number of people taking loan is still high than the number of people savings with the bank. There is need for change. The people should know that the bank is not for V-Apex but for the people of Medina Sancha and the satellite villages. We want you to increase savings in your bank so that there can be profit if that happen in few years time there will be no need for credit or load from outside to round you bank in Medina Sancha.’’

Also speaking on the occasion, the Central Bank of The Gambia (CBG) representative, Mr. Siaka Bah, Principal Microfinance Officer described Medina Sancha VISACA as one of the best village bank in the country while urging members to do more deposits. “We are happy to witness your AGM and that is why we will also share our ideas and knowledge on how best to operate your bank”.

According to Mr. Bah, village banks ensured that villagers had a secure place to keep their savings and ended their dependence on moneylenders.

 Bah concluded by calling on the Medina Sancha community to increase savings and pay loans on time in order to maintain the bank operate and save for the future.