世界银行-冈比亚第三次经济更新：加快金融普惠释放冈比亚增长潜力（英）-2023-56页_2mb

Summary of Third Gambia Economic Update: Accelerating Financial Inclusion

Overview

This report assesses Gambia's economy and focuses on accelerating financial inclusion as a key driver for growth, employment, and poverty reduction. It identifies constraints in financial services and proposes policy actions to enhance digital financial services (DFS) and improve access to financial products.

State of the Economy

• Gambia's economy recovered modestly in 2022 but faced challenges like low growth, high inflation, increased public debt, and rising poverty rates.
• Key sectors like agriculture and services showed some growth, but structural issues, such as limited infrastructure, low tax revenue, and reliance on imports, constrained progress.
• Medium-term outlook projects 5.5% GDP growth by 2025, supported by tourism and infrastructure investments, but risks from external shocks, climate change, and fiscal slippages persist.

Financial Inclusion Status

• Financial inclusion remains low, with only 19% of adults having transaction accounts and 2% using mobile money.
• Barriers include inadequate legal frameworks, poor ICT infrastructure, high collateral requirements, and low financial literacy, particularly affecting rural and youth populations.
• Access to credit and transactional services is limited, hindering economic participation and poverty reduction.

Role of Digitalization in Financial Inclusion

• DFS can catalyze financial inclusion by reducing costs, improving access, and enabling payments, but issues like unclear regulations, interoperability gaps, and insufficient digital IDs limit progress.
• Opportunities include leveraging ECOWAS harmonization, enhancing payment infrastructure (e.g., GamSwitch), and adopting instant payment systems to boost DFS adoption.

Policy Actions

• Strengthen legal frameworks: Update NBFI acts, Payment Systems Act, and mobile money regulations to support DFS innovation.
• Improve infrastructure: Incorporate NBFIs into credit reporting, upgrade GamSwitch to an instant payment system, and enhance connectivity to support digital transactions.
• Promote government initiatives: Digitize public payments, conduct financial literacy surveys, and implement consumer protection measures to build trust and usage.

Accelerating financial inclusion through digitalization is crucial for unlocking Gambia's growth potential, addressing structural constraints, and fostering sustainable development.