Overview of the Banking Industry:
 Some
of the
banks
in Banjul are indigenous West African banks.
Trust Bank is Gambian established and owned. There are currently 13
banks operating in the financial sector of The Gambia of which one is
an Islamic institution and 12 are running conventional, commercial
operations. Two licenced
banking operations began operations in 2008 which are Sky and
Zenith which are both Nigerian banks and the latest being Prime which
joined the sector in 2009. They are all regulated by the
Central Bank which has certain
overseeing functions over the commercial private institutions as well
as being the clearing house in the system. Furthermore, it only issues
licences to either a company incorporated under the Companies Act; or
a foreign financial institution.
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General Opening Hours:
08:00-12.00 & 16:00-18:00 Monday to Friday.
08:00-13:00 Saturday.
NOTE: Times do vary from institution to
institution and all are closed on Sundays and Public Holidays.
Common Services:
There are a number of services which the vast
majority of the private institutions provide i.e.
 •
Current
Accounts
•
Savings Accounts
•
Fixed Deposit
•
Electronic Funds Transfers
•
Government T-Bills
Treasury Bills are issued with maturities
lasting
 either 91, 182, or 364 days. They are issue every Wednesday or
as may be decided by the CBG, which publishes a provisional issuance
calendar.
•
Private and Business Loans
There are also
other services depending on which company you go to.
Fees:
In order to improve on
transparency it is the duty of banks to
disclose to the general public, the fees and charges that are levied
on all forms of services. Furthermore, there is a schedule of required
information relating to the above which must be sent to the CGB at the
end of each quarter.
Definition:
According to the Financial Institutions Act 2003
" "banking
business" means the business of receiving deposits on current, savings
or other account, paying or collecting cheques drawn by or paid in by
customers, provision of finance consultancy and advisory services
relating to corporate and investment matters, making or managing
investment on behalf of any person, and the provision of insurance
marketing services and capital market business or such other services
as the Secretary of State may by regulations designate as banking
business."
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