The Governor of the Central Bank of The Gambia has unveiled an ambitious plan to fully digitalise the Gambian economy within the next five years, while pledging to bring thousands of financially excluded citizens into the formal financial system by 2030.

Speaking on the future of financial inclusion and digital transformation, Governor Buah Saidy said the Central Bank has already taken a policy decision to accelerate the country’s transition towards a digital economy.

“Digitalisation is something that we at the board level have taken a decision that in the next five years, the Gambian economy will be fully digitalised,” Mr Saidy said.

He revealed that authorities are developing a virtual asset regulatory framework with technical support from the Bank of Ghana to support the transformation and strengthen oversight of emerging digital financial services.

According to the Governor, the proposed legislation will provide a legal framework for regulating virtual assets and digital money as the country expands its digital financial ecosystem.

“The intent of the law is to create legislation to have the economy fully digitalised, and then the virtual asset law will be used to supervise virtual assets and the digital money in the system,” he explained.

Despite notable progress in expanding access to financial services, Mr Saidy acknowledged that 18 per cent of Gambian adults remain financially excluded.

He attributed the gap to factors including low income levels, limited financial literacy and geographical barriers, noting that women and rural communities are among the groups most affected.

“We must not rest until every Gambian, regardless of gender, age, or location, has the opportunity to participate fully in our financial system,” he said.

The Governor pledged that the Central Bank would intensify efforts to reduce financial exclusion, setting a target of bringing the remaining unbanked population into the digital financial system before the end of the decade.

“I promise you, by 2030, towards the end of my second tenure as Governor of the Central Bank, we will get that 18% into the phone,” he said.

Mr Saidy called on banks, mobile money operators, policymakers and development partners to use the latest financial inclusion findings to address existing gaps and ensure that digital financial services reach all corners of the country.

“Let us celebrate how far we have come, but let us also renew our resolve to do even more in the future. Together we can build a Gambia where no one is left behind,” he said.

By Adama Makasuba