Question 1

What is Yonna Islamic Microfinance?

Accepted Answer

Yonna Islamic Microfinance is The Gambia's first full-fledged Islamic microfinance institution, operating as a Shariah-compliant financial services provider. Licensed by the Central Bank of The Gambia, the institution specializes in providing microfinance services to individuals, micro, small, and medium enterprises (MSMEs), farmers, and entrepreneurs across the country.

As part of the larger Yonna Group—which includes Yonna Foreign Exchange Bureau, Yonna Enterprise, and Yonna Mobile Wallet—the institution focuses on financial inclusion and economic empowerment. The organization prioritizes serving women and MSMEs, recognizing that their empowerment translates into broader socio-economic development.

Question 2

When was Yonna Islamic Microfinance founded?

Accepted Answer

Yonna Islamic Microfinance was established in April 2021 and commenced operations in June 2021. The institution opened its first branch at Tippa Garage, Bakoteh, marking the beginning of Islamic microfinance services in The Gambia.

The founding was driven by the mission to address the significant financial exclusion challenge in The Gambia, where approximately 81% of adults lack access to formal financial services. The institution was created to provide Shariah-compliant financial solutions that transcend barriers of race, religion, and geographical location.

Question 3

Where is Yonna Islamic Microfinance headquartered?

Accepted Answer

Yonna Islamic Microfinance is headquartered in The Gambia, with its initial branch established in Bakoteh. The institution operates as part of the Yonna Group, which has a presence across all regions of the country.

The headquarters coordinates operations for the institution's growing network of branches throughout The Gambia.

Question 4

Where does Yonna Islamic Microfinance operate?

Accepted Answer

Yonna Islamic Microfinance operates nationwide across The Gambia, spanning all six administrative regions. The institution has achieved remarkable expansion since its inception, growing from a single branch to 12 branches within its first two and a half years of operation.

The institution maintains a strategic presence in both urban and rural areas, including branches in Farafenni, Wassu, and Basse in the Upper River Region (URR). This geographical distribution reflects the institution's commitment to bringing financial services to underserved communities in the interior regions of the country, where financial exclusion is most pronounced.

Question 5

What services does Yonna Islamic Microfinance offer?

Accepted Answer

Yonna Islamic Microfinance offers a comprehensive range of Shariah-compliant financial products organized into three main categories:

Savings Accounts: Maborro, Dajalleh, Child Savings, Diaspora, and Hajj and Umrah accounts designed to meet diverse savings needs while adhering to Islamic finance principles.

Current Accounts: Safaro Business and Corporate accounts, as well as Salary accounts for employed individuals and organizations.

Investment Accounts: Restricted Mudaraba Investment and Unrestricted Mudaraba Investment accounts, which operate on profit-sharing principles rather than interest-based returns.

The institution also provides local and international remittance services, Zakat fund management, Takaful (Islamic insurance) coordination, and trade financing solutions. Digital banking services are available through the Yonna mobile app, enabling customers to check statements, transfer funds, purchase utilities (Cashpower/electricity credits), and buy airtime without visiting physical branches.

Question 6

What makes Yonna Islamic Microfinance unique?

Accepted Answer

Yonna Islamic Microfinance stands out as The Gambia's pioneering full-fledged Islamic microfinance institution, offering 100% Shariah-compliant financial services. Unlike conventional microfinance institutions, it operates on profit-sharing (Mudarabah) and cost-plus financing (Murabahah) principles, prohibiting interest (riba) in all transactions.

The institution's rapid expansion to 12 branches within two and a half years demonstrates exceptional growth in an emerging market. Its integration within the Yonna Group ecosystem provides customers with seamless access to foreign exchange services, enterprise products (food imports), and mobile wallet solutions—creating a comprehensive financial services platform.

The institution's leadership team brings over 30 years of combined banking, finance, and Islamic finance expertise, with Managing Director Yankuba Mamburay leading strategic initiatives. The institution's commitment to financial inclusion is evidenced by its deliberate expansion into rural and underserved communities, directly addressing The Gambia's 81% financial exclusion rate.

Question 7

What type of financial institution is Yonna Islamic Microfinance?

Accepted Answer

Yonna Islamic Microfinance is classified as an Islamic microfinance institution licensed and regulated by the Central Bank of The Gambia under the Non-Bank Financial Institution Act 2016.

As a Shariah-compliant microfinance provider, it operates fundamentally differently from conventional microfinance institutions. Rather than providing interest-based loans, it engages in profit-sharing arrangements, cost-plus financing, and leasing agreements that comply with Islamic law. This institutional model serves the dual purpose of providing accessible financial services to underserved populations while maintaining adherence to Islamic financial principles, making it particularly relevant in The Gambia where 95.3% of the population is Muslim.

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