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The aim of GAWFA’s voluntary savings programme is to instill financial discipline in the low income population, especially women, and enable them to generate capital for investment and income for personal and family consumption.

1. Who Can Save?

  • Women and men of all occupations;
  • Individuals and groups residing in Greater Banjul;
  • Women’s groups and men’s groups in rural villages;
  • Individual members of groups that are GAWFA clients.
  • Board and staff members of GAWFA.
  • Children and youths
  • Charitable organisations and other corporate bodies

2. Where and how often can they save?

Once a week at:

  • Albert Food and Craft Markets
  • Serrekunda Market
  • Bakau Food and Craft Markets
  • Latrikunda Sabiji Market
  • Senegambia Craft Market
  • Five days a week GAWFA Head office
  • Once a month Rural villages


3. To Open an Account

_ An individual saver will submit a completed savings registration form together with two passport-size photographs and D10.00 savings registration fee.

_ Groups and corporate bodies will submit two photographs each of three signatories, a completed savings registration form and a fee of D10.00.

_ For young persons under the age of 18 years, an adult will serve as trustee and complete the form on their behalf.

_ A saver will be issued a credit and savings passbook with an account number when the first deposit is made.

_ The minimum amount required to open an account is D25.00 for an individual and D100.00 for a group.

_ After an account is opened, no deposit less than D10.00 will be accepted.

4. Interest on Savings

Interest will be paid on client’s savings at the following rates:-

D0.00 to D149.99 no interest

D150.00 to D500.00 5% per annum

D501.00 and more 8% per annum

Interest on accounts which are eligible will be credited once every six months - in June and December.

5. Withdrawals

  • A saver may make a withdrawal not more than two times in one month.
  • To make a withdrawal, a saver must complete and sign the prescribed withdrawal request form in triplicate and submit her/his passbook.
  • Withdrawals may be made at the GAWFA head office in Banjul or through savings and credit agents in the rural areas.
  • Amounts up to D500 may be withdrawn immediately upon submission and approval of the withdrawal request. For amounts exceeding D500.00, payment will be effected not more than 24 hours after submission of the withdrawal request.
  • Withdrawal requests submitted through field agents must be witnessed by someone who is well acquainted with the client. Amounts up to D100.00 may be processed and paid by the field agent in the rural areas.
  • To remain open, an account must have a minimum of D25.00 for an individual account and D100.00 for a group account.

6. To Replace a Passbook

GAWFA will replace filled passbooks at no cost to the saver.

A fee of D15.00 will be charged to replace a lost or damaged passbook.

7. To Close an Account

F A saver wishing to close a savings account will pay a fee of D15.

F Interest accrued up to the time of closing an account will be added to the balance.

F Accounts which are less than six months old at the time of closure will not earn any interest.

F An additional charge of D15.00 will be levied on accounts which are less than six months at the time of closure.