Overview of the Banking Industry:
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
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
NOTE: Times do vary from institution to institution and all are
closed on Sundays and Public Holidays.
There are a number of services which the vast majority of the
private institutions provide i.e.
• Electronic Funds
• 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
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.
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."