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                            The Individual Credit Scheme


1. Who Can Participate?

Individual Gambian Women with the following characteristics:-

Average annual income of not more than D 10,000;

Engaged in a micro or small scale enterprise or planning to start one in any economic sector (agriculture, manufacturing, trading, services);

Non-Board members of GAWFA;

Non-Staff members of GAWFA.

Resident in a rural village or urban town.


2. What are the conditions for an individual loan?

The applicant must:-

F be a member of GAWFA, having paid a membership registration fee of D100.00 and paying D50.00 annual subscription in July of every year;

F save regularly for a minimum of six months before qualifying to apply for a loan;

F have a balance of at least D820.00 in the savings account;

F pay a loan application fee of D25.00 and complete a loan application form;

F have a person well-known to her to guarantee the loan. The guarantor must confirm his/her source of income and means of guaranteeing the loan. The applicant may guarantee herself by producing evidence of owning property such as land, machinery, jewellery, etc.


3. How much can an individual borrow?

  • Individual loan amounts are equal to 2.45 times the amount saved over a six months period. This means that the balance of savings at the time of applying should be equal to 41% of the amount of loan.
  • First loans will be not less than D2,000 and not more than D6,000. The General Manager may approve or recommend higher first-time loans on a case by case basis.


  • The highest amount that an individual can borrow is D20,000. The General Manager or the Board of Directors may approve higher amounts in exceptional cases.
  • An individual borrower whose first two loans were repaid on time and continued to save regularly may be given special consideration for a higher loan to savings ratio for her third and subsequent loans.



4. What can an individual loan be used for?

_ For fixed assets and working capital;

_ For vegetable gardening, poultry farming, sheep rearing, soap-making, tie-dyeing and others;

_ For petty trading, wholesale and retail of all goods, dressmaking, food processing and others;

_ For buying milling machines, sewing machines, refrigerators, farming tools, seed nuts, fertiliser and others;


5. How should an Individual Loan be Repaid

F A borrower and her guarantor will sign an agreement stating the conditions for repaying the loan.

F Interest will be charged at the rate of 2.09% per month or 25% per annum.

F Loan principal and interest will be repaid monthly from three to twelve months.

F The General Manager or Board of Directors may approve grace period and longer repayment periods depending on the use of the loan.

F Individual borrowers are required to continue saving during their loan repayment period.

F A borrower cannot withdraw her savings until her loan is fully repaid with interest.

F A penalty of 10% per annum will be charged on principal and interest instalment that is late. The penalty will be charged daily for the number of days that the instalment is late.

F An individual borrower who fails to repay her loan on time is liable to legal action with her guarantor. In such cases, the borrower will be responsible for the cost of legal action.


6. What else does an individual borrower need to know?

F A loan processing fee equal to 2% of the loan amount will be paid by the borrower before the loan is disbursed.