Gambia Information Site
     
Home  Business   Economic Sectors
 

Banking Sector in Gambia

 
Banks      Currency      Financial Sector
 
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 over 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 financial 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.

General Opening Hours:
08:00 - 16:00-18:00 Monday to Thursday
08:00 - 12:30 Friday & 14:30 to 16:00 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."
 
 
 
       

 
Home    Disclaimer   Privacy Policy

Copyright © 2009
Access Gambia All Rights Reserved.