Question 1

What is Pacharr VISACA?

Accepted Answer

Pacharr VISACA is a community-based microfinance institution operating in The Gambia's Central River Region. As a Village Savings and Credit Association (VISACA), it is a grassroots financial institution owned and managed by its local members.

The institution is named after the Pacharr village area and is part of the broader VISACA movement that serves rural communities across The Gambia. VISACAs are classified as one of the three main categories of microfinance institutions regulated by the Central Bank of The Gambia.

Question 2

When was Pacharr VISACA founded?

Accepted Answer

The VISACA movement in The Gambia was launched in 1988 as a pilot project in the Jahally-Pacharr area, approximately 350 kilometers east of Banjul. The initiative was established through collaboration between the Gambian Ministry of Agriculture and the Centre International de Developpement et de Recherche (CIDR), a French NGO, in cooperation with Kreditanstalt für Wiederaufbau (KfW) of Germany.

The pilot project initially created six VISACAs in villages within the Sapu area of the McCarthy Island South Division (now Central River Region South). Pacharr VISACA emerged as part of this pioneering initiative designed to provide formal financial services to rural farming communities benefiting from the Jahally-Pacharr Rice Project.

Question 3

Where is Pacharr VISACA headquartered?

Accepted Answer

Pacharr VISACA is based in the Pacharr village area in the Central River Region South of The Gambia. The village is located approximately 350 kilometers east of Banjul, the nation's capital, and is situated about 15 kilometers from Jahally village.

The institution operates within the traditional village structure and does not maintain a physical website presence, reflecting its community-based nature and grassroots operational model.

Question 4

Where does Pacharr VISACA operate?

Accepted Answer

Pacharr VISACA operates primarily in the Pacharr village and surrounding communities within the Central River Region South of The Gambia. The service area includes rural farming communities that participate in the Jahally-Pacharr Rice Project, which provides irrigation infrastructure enabling up to two rice harvests per year.

The operational area is characterized by villages with predominantly Mandinka, Sarahole, Fula, and Wolof ethnic populations engaged in rice cultivation, trading, and small-scale agricultural activities.

Question 5

What services does Pacharr VISACA offer?

Accepted Answer

As a Village Savings and Credit Association, Pacharr VISACA provides essential financial services to its members:

Savings Services: Members can open savings accounts with competitive interest rates designed to mobilize local capital and encourage financial discipline within the community.

Credit and Loans: The institution offers short-term loans, typically ranging from three to six months, primarily for trading activities, petty commerce, cattle trading, and small business operations. Loans are granted on a first-come, first-served basis according to available funds, with decisions made by a locally-elected loan committee.

Member Governance: All villagers participate in general assemblies where they establish internal regulations, set membership conditions, determine interest rates, and elect management committees composed of equal numbers of men and women.

Question 6

What makes Pacharr VISACA unique?

Accepted Answer

Pacharr VISACA distinguishes itself through several notable characteristics:

Community Ownership and Control: Unlike traditional banks, the institution is entirely owned and managed by its village members, ensuring that financial decisions reflect local needs and priorities.

Exceptional Repayment Rates: Historical data from VISACA institutions in the Jahally-Pacharr area showed remarkable loan recovery rates of 90-97 percent, significantly outperforming other formal and NGO financial intermediaries in The Gambia during their early operational years.

Agricultural Integration: The institution's services are strategically aligned with the rice cultivation calendar, allowing farmers to leverage income from two annual harvests to maintain liquidity and sustain their financial obligations.

Gender Inclusion: Management committees are structured to include equal representation of men and women, promoting financial inclusion across gender lines in rural communities.

Question 7

What type of financial institution is Pacharr VISACA?

Accepted Answer

Pacharr VISACA is classified as a Village Savings and Credit Association (VISACA), which is one of three main categories of microfinance institutions regulated by the Central Bank of The Gambia. The other categories are Finance Companies (FCs) and Fiduciary Financial Institutions (FFIs).

VISACAs represent the most grassroots level of formal financial institutions in The Gambia. They are community-based entities that differ from commercial banks and other microfinance institutions in their member-owned cooperative structure, local management, and focus on serving specific rural villages or communities.

As a licensed microfinance institution, Pacharr VISACA operates under the regulatory supervision of the Central Bank of The Gambia, which establishes prudential standards for capital adequacy, reserve requirements, and operational guidelines for microfinance institutions.

Question 8

How is Pacharr VISACA governed?

Accepted Answer

Pacharr VISACA operates through a democratic governance structure established by its members. All villagers participate in general assemblies where they collectively decide on membership conditions, interest rates for deposits and loans, and management procedures.

Each VISACA elects a management committee consisting of six to ten people with equal representation of men and women. The committee's responsibilities include keeping members informed of activities, expanding membership, encouraging savings account participation, and evaluating and granting loans. Additionally, two to three cashiers are selected to handle bookkeeping and financial record-keeping.

This participatory governance model ensures accountability to the local community and aligns the institution's operations with the specific economic and social needs of Pacharr village residents.

Pacharr VISACA

in Gambia 🇬🇲

Crypto-Friendliness

All done!

About Pacharr VISACA in Gambia