Question 1

What is Tambana VISACA?

Accepted Answer

Tambana VISACA is a community-based microfinance institution operating in The Gambia. As a Village Savings and Credit Association, it is owned, managed, and controlled by its rural community members.

VISACA institutions are classified as one of the three main categories of microfinance institutions (MFIs) in The Gambia, alongside Finance Companies and Fiduciary Financial Institutions. Tambana VISACA is licensed by the Central Bank of The Gambia to provide financial services to rural communities.

Question 2

When was Tambana VISACA founded?

Accepted Answer

While the specific founding date of Tambana VISACA is not publicly documented, the VISACA movement in The Gambia was launched in 1988 as a pilot project. The initiative was established by the Gambian Ministry of Agriculture in cooperation with the Centre International de Développement et de Recherche (CIDR), a French NGO, and Kreditanstalt für Wiederaufbau (KfW), a German development bank.

The earliest VISACAs, including Jahally and Sare Ngai, opened in October 1988. Tabanani VISACA, which may be related to Tambana VISACA, was documented as being founded in February 1991 in the Sapu area of the Central River Region.

Question 3

Where is Tambana VISACA headquartered?

Accepted Answer

Tambana VISACA operates within The Gambia's rural community structure. As a village-based institution, it is headquartered within its local community in The Gambia.

Like all VISACAs, it is automatically a member of the VISACA Apex, whose head office is located in Brusubi, West Coast Region. The Apex body provides technical support, supervision, and capacity building to all VISACAs across the country.

Question 4

Where does Tambana VISACA operate?

Accepted Answer

Tambana VISACA operates in The Gambia, serving its local village community and potentially neighboring satellite villages. The VISACA network in The Gambia extends across multiple regions, including the Central River Region (CRR), Western Region (WR), North Bank Region (NBR), Lower River Region (LRR), and Upper River Region (URR).

The institution's geographical proximity to its members is a key operational advantage, bringing financial services directly to rural communities that traditionally lack access to conventional banking infrastructure.

Question 5

What services does Tambana VISACA offer?

Accepted Answer

Tambana VISACA provides essential microfinance services tailored to rural community needs. Primary services include savings mobilization, where members can open various deposit accounts including current accounts, three-month term deposits, and six-month term deposits.

The institution offers micro-loans to individual members and kafo groups (traditional savings groups) for various purposes including petty trade, agricultural activities, livestock farming, education expenses, and small-scale entrepreneurial ventures. Loans are evaluated and granted by a management committee composed of community members.

Interest rates and loan terms are established by the general assembly of villagers, ensuring services align with local economic conditions and member capabilities.

Question 6

What makes Tambana VISACA unique?

Accepted Answer

Tambana VISACA's distinctiveness lies in its democratic, community-owned structure. The institution operates on principles of self-help, self-management, and self-sustainability, with all operational decisions made by village members through general assemblies.

The management committee is composed of equal numbers of men and women selected by villagers, promoting gender equality in financial governance. The absence of conventional collateral requirements makes financial services particularly accessible to women and low-income members who typically lack traditional banking collateral.

The institution's perfect knowledge of its members' character and repayment capacity, combined with community-based accountability, has historically resulted in outstanding loan repayment rates that exceed those of formal financial intermediaries in The Gambia.

Question 7

What type of financial institution is Tambana VISACA?

Accepted Answer

Tambana VISACA is classified as a Village Savings and Credit Association (VISACA), which is the first tier of microfinance institutions recognized by the Central Bank of The Gambia. VISACAs are community-based MFIs that differ from commercial banks, finance companies, and fiduciary financial institutions.

Unlike shareholder-owned institutions, VISACAs are member-owned cooperatives where each member has a stake in the institution's success. They operate under the supervision of the Central Bank of The Gambia and receive technical support from the VISACA Apex, which helps address challenges related to governance, loan delinquency, and capacity building.

This institutional structure makes VISACAs the most grassroots level of formal financial intermediation in The Gambia's rural areas.

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About Tambana VISACA in Gambia