Tuesday, July 31, 2012

Banks deny claims of difficulty to access loan


The association of banks in The Gambia has denied claims that banks in the country are not giving out loans, making it difficult to finance projects that would create employment and the attendant economic developments.

Mr Mamoud Jagne
“It is not entirely accurate that banks are not giving out loans,” Mamour Jagne, executive secretary of Gambia Bankers Association, said in an exclusive interview with this paper. 

The interview was prompted by comments of some economic operators and private individuals that ‘it is very difficult or impossible to access finance” from any of the 13 banks in the country. 

“It is not true that there is a blanket ban on loan lending,” Mr Jagne emphasised though he noted that the banks are lending to customers on a very selective basis. 

Mr Jagne, himself an erudite banker, stated:  “The purpose of a bank is to mobilize excess fund from those who have it and lend it out to those who don’t have it.  It is in this process that banks make profit that they pay interest to the depositors and dividend to the shareholders.  It is therefore in the interest of the banks to lend out to the customers.” 

According to him, if banks are not lending out to the customers, then they most have a very good reason for doing so.  He said the low level of loan lending is on account of a number of reasons. 


One, he said, banks don’t lend out just because they make money in the process.  “Banks lend out because you have a good project that they know you will be able to execute successfully and that you are a reliable and trustworthy person.   

He says the banks also consider the fact that whether when a customer is given a loan, he or she will able to use it for the intended purpose.  This is because there are many instances where customers will present a very good business plan to the bank when seeking loan but the moment the bank approved it and the customer is given a loan they use the funds for something else totally different from the business.  “So this is why the integrity of the customer and his ability to use the funds properly and pay back the bank the capital with the interest are the most important thing when deciding whether to give out the loan or not,” Mr Jagne remarked.

He said the banks also look at your banking history - whether you have a good banking history and you have never defaulted before. 

They also look at your relationship with other banks., said the founder managing director of Arab Gambian Islamic Bank (AGIB), adding that the rationale behind this is because there are many banks in the country and some customers have accounts with more than one bank and often times some of them will take loan from one bank and transfer to another bank to take loan without settling the first one.  Now, that aspect has been taken care of with the establishment of the Credit Reference Bureau where banks can check the credit worthiness of any individual who is seeking loan.

Mr Jagne also said all the above-mentioned factors are taken into account by the banks before any individual would pass the test to qualify for a loan. 

However, he pointed out that there is another dimension that influences the banks’ willingness to give loans, that is the non-performing loans portfolio. 

Commercial banks in The Gambia are grappling with bad debts more than ever as their loans and advances portfolio continue to swell while increasing sums of monies given out as loans to customers continue to remain as bad debts, which are debts not likely to be paid, giving rise to banks losing millions of dalasis in profits.

Mr Jagne noted that there are many bad debts in the economy and “we don’t want to increase and if anything, we want it to go down because that will strengthen the financial sector”.  Nobody wants to lend and tomorrow you have to follow the customer to pay it|”. 

“I can tell you that following a bad debt is very expensive a thing.  You have to go and meet the customer many times - you have to drive your car, you have to make telephone calls, and if you want to go to the court there is cost associated with that,” he said. 

Therefore, banks are not eager to lend to anybody who is likely to default but if anybody meets the test, certainly, the banks will give you loan, said the bankers association executive secretary said.

54 comments:

  1. Great reading, thanks! Sometimes I just happen to stumble over info that arrives in a timely manner.
    Chapter 7 Florida

    ReplyDelete
  2. I guess this message is totally unparalleled.
    cash advance apply

    ReplyDelete
  3. I wonder why other professionals don’t notice your website much m glad I found this.
    online lending

    ReplyDelete
  4. Its interesting blog and most of the peoples are get benefits from your blog, so you can use some internet marketing , because now a days Internet marketing is got very popular..This is one of the good online business.




    business finance online

    ReplyDelete
    Replies
    1. Obtain foreign exchange St Albans with all your debit cards at an ATM from the airport arrivals corridor or foyer or the closest bank when you finally arrive at the destination. The alternate rate is normally better from the destination land than at your home.

      Delete
  5. Really great work to read your article here. ,I would like to join your blog anyway.to read your article here.




    business finance online

    ReplyDelete
    Replies
    1. When you design websites for chiropractors, create an opt-in e-mail procedure - Create sure that you provide all potential sufferers and probability to opt-in to get either an e-newsletter or a wellness tip of the week time.

      Delete
  6. Hello There. I found your blog using msn. This is a really well written
    article. I'll be sure to bookmark it and return to read more of your useful information. Thanks for the post. I will certainly comeback.
    Feel free to visit my web site - diet that works

    ReplyDelete
  7. Pretty nice post. I just stumbled upon your blog and wished to say that I've truly enjoyed surfing around your blog posts. After all I'll be subscribing to
    your feed and I hope you write again soon!
    Here is my blog post : http://www.yourtobaccosstore.com/11-old-holborn

    ReplyDelete
  8. Just desire to say your article is as astounding.
    The clearness in your post is simply excellent and i could assume you are an expert on this subject.
    Fine with your permission allow me to grab your RSS feed to
    keep updated with forthcoming post. Thanks a million
    and please continue the enjoyable work.
    My site: captain black

    ReplyDelete
  9. I think this is among the most important info for me. And
    i am glad reading your article. But should remark on few
    general things, The web site style is great, the
    articles is really great : D. Good job, cheers
    My webpage erinmore

    ReplyDelete
  10. Hi there everyone, it's my first pay a quick visit at this web page, and piece of writing is truly fruitful designed for me, keep up posting such posts.
    Also see my web page - samson tobacco

    ReplyDelete
  11. An interesting discussion is worth comment. There's no doubt that that you ought to write more on this topic, it may not be a taboo subject but typically people don't discuss such issues.
    To the next! Many thanks!!
    Here is my web-site : amphora pipe tobacco

    ReplyDelete
  12. advertising

    Here is my blog ... spain goal euro cup
    Also visit my blog ; islands around spain

    ReplyDelete
  13. Just wish to say your article is as astounding. The

    clarity in your post is simply excellent and i could assume you're an expert on this subject. Well with your permission let me to grab your RSS feed to keep

    up to date with forthcoming post. Thanks a million and please carry on the gratifying work.

    Feel free to visit my web blog :: eacisba.blogspot.co.uk
    Also visit my web blog wwoof spain forum Premia de Mar

    ReplyDelete
  14. Thank you, I've recently been searching for information approximately this topic for ages and yours is the greatest I've came

    upon till now. But, what in regards to the conclusion?
    Are you sure in regards to the source?

    Here is my web-site: spinach empanadas
    Feel free to surf my web blog ; timeline of space exploration for kids

    ReplyDelete
  15. I cling on to listening to the rumor

    talk about getting free online grant applications so I
    have been looking around for

    the top site to get one. Could you advise me please, where could i find

    some?

    Stop by my web blog http://fecbob.pixnet.net/blog/post/37281148
    My blog - spanish letters on the keyboard

    ReplyDelete
  16. Its like you read my mind! You appear to know a lot about this, like you wrote the
    book in it or

    something. I think that you can do with a few pics to drive
    the message home a bit, but

    other than that, this is wonderful blog. A great read.
    I will definitely be back.

    Here is my web blog: http://www.sotattooed.com/shawbook/blogs/user/DodieGonzales666
    Also visit my webpage - homes for sale Dolores

    ReplyDelete
  17. When I originally commented I clicked the "Notify me when new comments are added" checkbox and now each time
    a

    comment is added I get several e-mails with the same comment.
    Is there any way you can remove me from that service?

    Appreciate it!

    my page :: http://wiki.deinegeschichte.de
    My weblog ... tuscany style dinnerware

    ReplyDelete
  18. Hello my friend! I want to say that this
    post is amazing, nice written and include

    approximately all vital infos. I would like to see more posts like this.



    Also visit my website: www.ocadia.de
    My web site ... Murcia apartments for rent

    ReplyDelete
  19. Great beat ! I would like to apprentice at the same time as you amend your site, how can i subscribe for a blog web site?
    The account aided me a applicable deal. I have been
    tiny bit acquainted of this your broadcast offered shiny


    transparent idea

    Here is my blog post zelengrand.ru
    Also visit my weblog : spain weather weather

    ReplyDelete
  20. Can I simply say what a relief to seek out someone
    who

    really knows what theyre speaking about on the internet.

    You positively know methods to deliver a problem to

    light and make it important. More people must read this

    and perceive this side of the story. I cant believe youre
    not more

    well-liked since you

    positively have the gift.

    Here is my web blog ... http://jeep.org.pl/wiki/index.php?title=Użytkownik:JestineLee84
    Check out my web page : do-it-yourself solar heater

    ReplyDelete
  21. Nice blog right here! Additionally your web site a lot up fast!

    What web host are you the usage of? Can

    I get your affiliate hyperlink in your host? I

    wish my web site loaded up as fast as yours lol

    My blog post :: http://quegrande.org/fk/index.php?title=Usuario_Discusión:KaterineMoore88
    My webpage: property Spain Dolores

    ReplyDelete
  22. Youre so cool! I dont suppose Ive learn anything like this before.
    So good to find someone with some original ideas

    on this subject. realy thanks for beginning this up. this website is something
    that's needed on the internet, someone with

    slightly originality. helpful job for bringing something new to the web!

    My weblog: http://flowawine.pixnet.net/blog/post/31200062-%E7%BE%8E%E5%9C%8B%E7%AE%AD%E7%89%8Carchery-summit-arcus-estate-pinot-noir-2006-(%E5%94%AE
    Also visit my web site ; rental cars spain automatic

    ReplyDelete
  23. Magnificent goods from you, man. I have understand your stuff
    previous to and

    you are just too great. I actually like
    what

    you've acquired here, really like what you're saying and the way in which you

    say it. You make it enjoyable and you still take care of to keep it sensible.

    I

    can't wait to read far more from you. This is really a wonderful web site.

    Also visit my web site :: http://scuttle.scorpimen.eu/
    My weblog :: Valle de Guadalhorce

    ReplyDelete
  24. Would you be curious about exchanging links?

    My web-site ... michiganworks.org
    Feel free to visit my web page : Jobs

    ReplyDelete
  25. I love what you guys are up too. This sort of clever work and reporting!
    Keep up the amazing works guys I've incorporated you guys to my

    personal blogroll.

    Feel free to surf to my web page http://www.elmwood.ca/member/8669
    Also visit my site - mouse click on michiganworks.org

    ReplyDelete
  26. Wow! Thank you! I constantly needed to write on my

    website something like that. Can I include a part of your post to my site?


    my website: http://trebletart.blogspot.ru/2012/08/30-days-of-yoga-my-first-run-in-month.html
    Feel free to surf my web blog : Alicante house for sale

    ReplyDelete
  27. When I initially commented I clicked the "Notify me when new comments are added" checkbox and now each time a

    comment is added I get three emails with the same comment.
    Is there any way you can remove

    people from that service? Cheers!

    Here is my site - magnetspheres.com
    My web page : Holidays Vilanova I La Geltru

    ReplyDelete
  28. You made some decent points there. I seemed on the web for
    the problem and found most people will

    associate with with your website.

    Also visit my page ... http://www.ufo-und-alienforum.de/wiki/index.php?title=The_Sweetness_And_Value_Of_A_Spain_Vacation
    Also visit my blog post ... zaragoza spain news Malaga

    ReplyDelete
  29. The association of banks in The Gambia has denied claims that banks in the country are not giving out loans, making it difwww.needrapidcash.com

    ReplyDelete
  30. Youre so cool! I dont suppose Ive read anything like this before.

    So nice to find somebody with some authentic thoughts

    on this subject. realy thanks for beginning this up.
    this web site is something that is needed on the web, somebody with a
    little originality. useful job for bringing one

    thing new to the internet!

    Here is my homepage - lookatme-lame.blogspot.ru
    My web blog : Tarragona

    ReplyDelete
  31. Good site! I truly love how it is simple on my eyes and the data are well written.


    I am wondering how I might be notified whenever a new post
    has been made. I've subscribed

    to your feed which must do the trick! Have a great day!

    Review my web page http://magiciafictions.blogspot.fr/2012/08/os-for-what-actually-arnav-came-to.html
    Feel free to surf my website ; catral.biz

    ReplyDelete
  32. I'm very happy to read this. This is the kind of manual that needs to be given and not the

    accidental misinformation that's at the other blogs.
    Appreciate your sharing this best doc.

    Here is my webpage - joannemami.pixnet.net
    Take a look at my web blog :: apartments to rent in Elche

    ReplyDelete
  33. Hi, i think that i saw you visited my site thus i came to “return the favor”.

    I'm attempting to find things to improve my website!I suppose its ok to use some

    of your ideas!!

    Take a look at my weblog - http://billyching.pixnet.net/
    My weblog : bass offshore fishing in Spain

    ReplyDelete
  34. naturally like your web site however you need to

    check the spelling on quite a few of your posts. Many of them are rife with

    spelling issues and I find it very troublesome to tell the reality nevertheless I’ll surely come

    back again.

    My blog post - yeinz.net
    Also see my webpage: Dolores houses

    ReplyDelete
  35. I take pleasure in, cause I discovered just what I was looking for.
    You have ended my four day lengthy hunt! God Bless you man.

    Have a great day. Bye

    Feel free to visit my web site efektywnie.com
    My web blog : poker chip decals

    ReplyDelete
  36. Hmm it looks like your website ate my first comment (it was super
    long) so I guess I'll just sum it up what I wrote and say, I'm
    thoroughly enjoying your blog. I as well
    am an aspiring blog writer but I'm still new to everything. Do you have any suggestions for beginner blog writers? I'd really appreciate it.
    My page - liverpool transfer news january 2013

    ReplyDelete
  37. Because these drugs is a miracle nerve pain cure should encompass a set of reps.
    When we spend most of the spinal column. It works like a car accident because of the posture of sitting and health.
    As an anti inflammatory enzyme.

    my web page: Acupuncture Back Pain Mount Meigs
    Review my page : acupuncture back pain Mount Meigs

    ReplyDelete
  38. excellent post, very informative. I wonder why the other specialists of

    this sector do not notice this. You must continue your writing.
    I am confident,

    you've a great readers' base already!
    Look at my web site http://leucemie.specialtiesintouch.it/mediawiki/index.php?title=Factual_Figures_On_Satellite_Television

    ReplyDelete
  39. I don’t even know how I ended up here, but I thought this post was
    great. I do not know who you are

    but certainly you are going to a famous blogger if you aren't already ;) Cheers!
    My web blog :: http://hellogambia.com/arrest-warrant-issued-for-wife-of-ivory-coast’s-ex-president

    ReplyDelete
  40. It is in reality a great and helpful piece of

    information. I’m happy that you just shared this useful

    info with us. Please keep us up to date like this. Thank you for sharing.
    Here is my site ... mashframe.com

    ReplyDelete
  41. Wow that was unusual. I just wrote an incredibly
    long comment but after I clicked

    submit my comment didn't show up. Grrrr... well I'm not writing all that over
    again.

    Anyhow, just wanted to say fantastic blog!
    My web-site elfuetaso.blogspot.fr

    ReplyDelete
  42. Hey there, You have done an incredible job.
    I will

    definitely digg it and personally recommend to my friends.
    I am sure

    they'll be benefited from this web site.
    Feel free to surf my web-site ... www.seocome.com

    ReplyDelete
  43. Thanks to my father who shared with me concerning this webpage, this website is genuinely
    amazing.

    Here is my site - Payday Loans

    ReplyDelete
  44. Awesome blog! Now In anticipation of a follow-up ….no credit check installment loans in houston tx

    ReplyDelete
  45. Thank you for sharing. Online banking should always be free!

    online banking Hill Country, TX

    ReplyDelete
  46. On the subjеct of spеnԁіng budgеt, one
    can fіnԁ this thought οut charges anԁ thеrеforе the uncоntrolled prices of ωhіch slide right
    up stеalthily acquiring uѕ thοrоughly not aware.
    As an іllustration, you could possibly deal with thе requirement to сhecκ out some ѕоrt of ailing relаtive together with
    ѕρouse and сhildгen or uρgrade a plumbing гelated іn your resіԁеnse.
    Automobіle may possibly stοр workіng which enable it
    to nеed tо have majoг fixіng or
    perhaps onе anԁ yоu аnd youг family реrson
    may perhaps crash gruеsome wаntіng fast mеdіcal attention.
    Mοst of thеse havе a toll within youг
    price rаnge and you might involvе ρressing capital to hold еveгyone aгound till grеat pay day.

    Whіlе ѕuitаblе ρаy ԁay loans that will puгchаserѕ handle
    ωith money traumatiс occasions.

    doеs a greаt job аt matсh finԁеr system an appropriate loan merchant
    while using the cliеnt during will need. We realise the
    value with making use of lеnԁers ωho ԁefinitely агe solid, comрetent along with lawful.

    We tend to receіνe a lot of tіme cοntrolling loan provideгs with regard
    tο skill ρrіor to togetheг ωith him οг her in our interact.
    We offеr a superb podium so that уou can decide on the ideal lenԁeг influenced bу yοur unique гequirements.


    Feel free tο suгf to mу blog;
    kredyt bez zaswiadczen o dochodach

    ReplyDelete
  47. I read this article completely concerning the comparison
    of latest and previous technologies, it's awesome article.

    My website :: voyance gratuit en ligne

    ReplyDelete
  48. Stop Foreclosure Dead In It's Tracks...Take Your Property Back Free & Clear.VISIT OUR AFFILIATE SITES:www.thehomeownersrevolt.com

    ReplyDelete