By Ramatoulie Jawo
The Social Security and Housing Finance Corporation (SSHFC) is taking a bold step towards financial inclusivity by exploring the possibility of extending its social security coverage to the vast informal sector in The Gambia.
Currently, in the preparatory phase, the task force aims to pave the way for the potential implementation of the project, ensuring that individuals in the informal sector can build savings for their retirement or incapacitated years, mirroring the benefits enjoyed by those in the formal sector.
Chairing the task force, Talibo Jassay conveyed the project’s objectives during an engagement with stakeholders at Brikama Market on Wednesday, January 10, 2023.
“The task force team has for the past one month been touring all the regions conducting a stakeholder mapping and engagement exercise talking to regional and local authorities, informal sector workers such as drivers, farmers, tailors, market vendors etc to sell the idea to them and also listen to what they want and perspectives regarding this new development,” he said.
Since its establishment in 1982, SSHFC has been instrumental in assisting formally employed individuals registered with the corporation in preparing for retirement through various schemes. Jassay highlighted that the task force was initiated in response to the need to extend coverage to those in the informal sector in The Gambia.
Citing research indicating that only 20% of individuals work in the formal sector, with the remaining 80% engaged in the informal sector, Jassay stressed the importance of expanding coverage to ensure that this majority also benefits from social security services.
“That is why our able managing Director, Saloum Malang, and his team came up with this idea to set up a task force to see how best we can extend our coverage to those in the informal sector in the Gambia,”
“According to research, only 20% are working in the formal sector and the other 80% are in the informal sector, so it’s very important to extend our coverage so that those people also can benefit from our services because they are the people who need it most,” he said.Njaimeh Faye, a member of the SSHFC Informal Sector Task Force, underscored the significance of engaging with the informal sector, emphasizing that the initiative aims to gather input from individuals in this sector to tailor the program to their needs. She encouraged them to provide their perspectives through a feedback form to ensure their ideas are considered.
“In anything that you are doing concerning the people, you should go out to them to engage them to know their needs. That’s why we are going to give you a form to file so that we can know what you want and how you want it to be done because your ideas are very important to us,” she said.
However, existing legal barriers under the current Social Security Act do not cater to informal sector workers. Overcoming these obstacles is essential for the realization of this initiative.Foday Manjang, President of the Brikama Market Committee, welcomed the initiative and expressed gratitude to the SSHFC. He suggested the establishment of social security branches across all markets in the country, envisioning greater accessibility for individuals in the informal sector.
“If these plans materialize, I propose that social security should have branches across all markets to simplify the process for us,” Manjang recommended.