The 1st Deputy Governor of The Central Bank of The Gambia has reiterated the Bank’s support to the aims and objectives of the West Africa Banking Association (WABA) at the 51st Executive Council Meeting of the WABA held in Banjul on 28 May this year.

Mr. Momodou Bamba Saho, who delivered a speech by the Bank Governor Famara L. Jatta, told the international meeting that the Central Bank of The Gambia support holistically WABA’s measures to monitor and assess compliance of banks with corporate governance standards, as well as initiatives directed to the development and integration of the financial sector of West Africa.

Quoting Bank Governor Jatta, Mr. Bamba Saho said: “As a member of steering committee of the Pan African Forum on Corporate Governance, I am informed that WABA is undertaking measures to monitor and assess compliance of banks with corporate governance standards under a self-regulatory initiative and would continue to conduct research on how corporate governance can effectively contribute to the efficient operation of member banks in particular and the economy in general.”

 “I salute this initiative aimed at strengthening the operations of banks and at the same time reduce the supervisory burden of central banks. I pledge maximum support to initiatives directed to the development and integration of the financial sector of West Africa.”

Mr. Bamba Saho said that among its functions and activities, WABA fosters the exchange of ideas and experiences in the banking and monetary fields through organised seminars, and short courses but more importantly by promoting consultation among banks on issues relevant to the development and strengthening of the West African banking sector.

He however said that the banking sector in West Africa is among the world’s least developed. “Bank assets are smaller than those held by a single large bank in an industrial country,” the Deputy Bank Governor said, adding: “Most people do not have access to even basic payment services or saving accounts.

He also said most households could not afford to accumulate substantial financial savings due to limited physical access to bank branches, high bank charges and poverty.

Turning to the Gambian economy, Deputy Governor Bamba Saho said the country’s economic growth had been robust and inflationary pressures subdued.

Speaking earlier, the Secretary General WABA, Mr. Boubacarr Keita, expressed appreciation with the Central Bank for its support to initiatives of WABA, adding that the association would work collaboratively with regional Central Banks to ensure the initiatives and other projects were implemented within member states.

“The association is currently focusing on the improvement of the member bank’s web sites to provide accurate data as well as facilitate their work,” he added.