National Assembly Ratifies Non-Bank Financial Institution Bill, 2016

Deputies at the National Assembly on Monday 5 April, 2016, ratified the Non-Bank Financial Institutions Bill, 2016.New National Assembly Building
The 45 page document was presented before law makers by Mr. Bala Garba Jahumpa, the Minister of Transport, Works, Infrastructure and National Assembly Matters, on behalf of the Minister of Finance and read for the second time.This bill is said to be an Act to make provision for the regulation of non- bank financial institutions by the Central Bank of the Gambia (CBG) and for connected matters.
On the objectives and reasons of the bill, the Finance Minister, said “It is envisaged that this bill, when enacted, will address the operational, institutional and regulatory and supervisory gaps currently faced by the industry.
He added that it will assist in deepening the financial sector with a range of financial products and services to promote financial inclusion, growth and development.
In seconding the move for the ratification of the Bill, Hon. Ousman Njie, the NAM for Sami, said if it is enacted, it will regulate the unscrupulous and dubious financial transactions in the finance sector. He said it will also enhance employment opportunities in the non-bank financial sector as well as enhance government’s revenue base in the sector.
The NAMs for both Foni Bondali and Kombo North hailed the ministry of finance and the central bank for coming up with such a law.
Hon. Fabakary Tombong Jatta, the Majority Leader, said some of these regulatory frameworks add value to the success of the micro finance institutions.
Hon. Babou Gaye Sonko said his concern on capital adequacy has been addressed in the bill. He said the importance of its inclusion will help protect the depositors from losing their monies even if the micro finance institution faces bankruptcy.
NAMs made some amendments with regards to typographical errors and other observations on the bill during the committee of the whole house and which later adopted the bill.