Question 1

What is Reliance Financial Services?

Accepted Answer

Reliance Financial Services Company Limited is a non-bank financial institution (NBFI) and microfinance company licensed by the Central Bank of The Gambia. Operating as a greenfield institution, Reliance specializes in providing financial services to underserved populations across The Gambia, particularly those at the bottom of the economic pyramid.

The institution is 100% Gambian-owned with a fully Gambian workforce, serving clients including market vendors, farmers, fishermen, cement retailers, masons, tailors, taxi drivers, and immigrants. Reliance has grown to become one of The Gambia's prominent microfinance institutions with an extensive branch network throughout the country.

Question 2

When was Reliance Financial Services founded?

Accepted Answer

Reliance Financial Services was founded in 2006 by three young Gambian financial professionals: Baboucarr Khan, Seedy A.B. Njie, and Ismaila Faal. The institution was granted a full Non-Bank Financial Institution license on December 11, 2006, under Section 41 of The Central Bank of The Gambia Act No.14 of 2005.

The company opened its doors to the general public on December 19, 2006, and was officially launched on February 15, 2007, by H.E. The Vice President of The Gambia, Mrs. Isatou Njie-Saidy. Reliance issued its first loan in February 2007, marking the beginning of operations focused on financial inclusion for ordinary Gambians.

Question 3

Where is Reliance Financial Services headquartered?

Accepted Answer

Reliance Financial Services is headquartered at Reliance Plaza, 46A Kairaba Avenue, in the Kanifing Municipal area (KSMD), near Elton Petrol Station. The head office location in the Greater Banjul Area serves as the central hub for the institution's nationwide operations across The Gambia.

Question 4

Where does Reliance Financial Services operate?

Accepted Answer

Reliance Financial Services operates throughout The Gambia with an extensive network of over 20 branches and kiosks across multiple regions. The institution has established presence in major urban centers including Banjul (with locations on Clarkson Street, Tobacco Road, and Albert Market), Serrekunda, Bundung, Manjai Kunda, Tallinding, and Brikama.

Regional operations extend to locations such as Farafenni, Bansang, Soma Town, Basse Santa Su in the interior regions, as well as coastal and rural communities including Barra Point, Sukuta, Lamin Village, Latrikunda Sabiji, Old Yundum, Sanyang Village, and Westfield Junction. The institution inaugurated a branch in Brikamaba in October 2022, demonstrating continued expansion into rural areas to promote financial inclusion across the country.

Question 5

What services does Reliance Financial Services offer?

Accepted Answer

Reliance Financial Services offers comprehensive microfinance services tailored to the needs of individuals and small businesses. Personal banking services include entrepreneurial accounts, savings accounts, children's accounts, fixed deposits, and personal loans for various purposes.

Business banking services feature business savings accounts (with a minimum opening balance of D1,000), business development advisory services, and micro, small, and medium enterprise (MSME) loans ranging from D3,000 to D1.5 million for commercial purposes. Money transfer services are provided through partnerships with Western Union and other money transfer operators (MTOs), with integrated remittance gateways for seamless transactions.

Foreign exchange services include buying and selling foreign currencies over the counter, handling traveller's cheques, and processing telegraphic transfers. Specialized savings products include the Haj Plan (designed to help customers save for pilgrimage expenses) and the Osusu Plan (based on traditional African savings schemes allowing club members to make collective deposits).

Digital banking services include the Reliance Mobile App (available on both iOS and Android platforms), offering account balance inquiries, account statements, airtime recharge for all GSM operators, bill payments (including NAWEC utility bills), inter-bank transfers, and card requests. The institution is connected to GamSwitch, The Gambia's national electronic payment switch, enabling seamless electronic transactions across the banking system.

Question 6

What makes Reliance Financial Services unique?

Accepted Answer

Reliance Financial Services stands out as the only financial institution in The Gambia that is 100% Gambian-owned with a complete Gambian workforce dedicated exclusively to serving the Gambian people. The institution's business model is anchored on three core principles: accessibility, convenience, and flexibility.

The institution has pioneered solar-powered kiosk banking, equipping remote service points with IT infrastructure powered by solar energy to bring financial services to the remotest villages. This innovative approach addresses electricity challenges while extending financial inclusion to underserved rural communities.

Reliance has received backing from international impact investors including ShoreCap International Ltd. (Chicago, USA) and Triodos Doen International Fund Management (Netherlands), both private equity firms specializing in microfinance institutions in developing markets. The institution launched the Reliance Regional Women Chapters in 2022, creating platforms to support women's economic empowerment and recognizing their contributions to socio-economic development.

Question 7

What type of financial institution is Reliance Financial Services?

Accepted Answer

Reliance Financial Services is classified as a Non-Bank Financial Institution (NBFI) and Microfinance Company under Gambian financial regulations. Licensed by the Central Bank of The Gambia under Section 41 of The Central Bank of The Gambia Act No.14 of 2005, the institution is authorized to undertake non-bank financial intermediation by raising deposits and advancing loans to the general public.

As a microfinance institution, Reliance focuses specifically on providing financial services to low-income individuals and micro-enterprises who typically lack access to traditional banking services. This classification distinguishes it from commercial banks while allowing it to offer deposit-taking and lending services tailored to the microfinance sector, with emphasis on financial inclusion and poverty alleviation through targeted lending to economically disadvantaged segments of Gambian society.

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