Reliance Financial Services, yesterday introduced its most recent development initiative ‘deposits for development’.

The deposits of development scheme were officially launched by Reliance’s board of directors during the third board meeting, on Wednesday 18th April, 2007, at the Reliance Head Office, along Kairaba Avenue.

According to Babucarr Khan, the Chief Executive Officer of Reliance Financial Services, the ‘deposits of development’ scheme offers socially responsible Gambian companies both for profit and not profit alike as well as high net-worth individuals the opportunity to invest in fixed deposits at reliance. These funds, he said are then used to finance small business and micro-entrepreneurs in sectors of their preference for preference for priority intervention by Reliance.

He said 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.

The choice of investment he added will be limited to a list ratified by Reliance.

The development partner as Reliance refers to them will receive a certificate of deposit as well as a displayable recognition certificate acknowledging their financial commitment and contribution towards development.

“This certificate will be awarded on a graded scale. In addition every new subscriber to the deposits for development scheme will be listed in our quarterly newsletter and all new and existing development partners will be included in our annual reports” he noted.

He said the product will benefits customers, offers reasonable interest returns, positive social impact, raises the publicity profile of the institution in the selected community, increases customer loyalty and helps the customers meet their corporate social responsibility objectives.

CEO Khan pointed out that this will benefit The Gambia and its people as it will support 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 nation wide economic integration.

Ismaila Wadda, Finance Manager of The Gambia Ports Authority (GPA), said his department for a long time being investing directly with the community. He said it is good that Reliance have up with this type of product, noting that his Office will partner with Reliance. This, he said is a very good product which is in right direction.