"Over the past year NACCUG have witnessed remarkable growth in development of the micro-finance sector, especially savings and credit cooperative organisation. 

Here in The Gambia, the total savings of the 66 credit unions has grown to 136.7 million out of which D120.8 million is outstanding as loans to members. Similar trends are accuring in other sub-sectors of the micro-finance industry such as the VISACAs and other non-bank financing institutions" these was brief to members during a four-day technical congress at the Kairaba Beach Hotel last Tuesday.

Speaking at the ceremony, Bakary LO Sonko, director general of the National Agricultural Development Agency outlined that the remarkable achievement registered in the sector are positive adding that they were also mindful of the need for a regulatory framework for the SACCOs so that members stake in their credit unions are protected.

For his part, Edward Demba, chairman of the NACCUG, reiterated the unflinching support of The Gambia government towards NACCUG to ensure the growth and development of the credit union.

On the concerns of the union, the NACCUG chairman said the existing Cooperative Act 1950 Cap 50, Section 33 is not only obsolete but lacks specific provisions for financial cooperatives.

According to him, the existing cooperative societies act that currently extends to credit unions were specifically tailored to the needs of groundnut marketing and other forms of agricultural cooperatives.  He attributed this phenomena to the lack of knowledge of the operating principles of the credit union movement on the part of the regulators couple with inadequacies of the act as hindering the development of the credit union movement in The Gambia.