Banks in Gambia

The Central Bank of The Gambia supervises banks through its Banking Supervision Department under the Central Bank Act 2018. The Banking Act 2009 covers commercial banking and Islamic banking, while the Anti-Money Laundering Act 2012 supports customer-identification and transaction-monitoring duties. Active CBG-licensed commercial banks include Access Bank (Gambia), AGIB Bank Gambia, BSIC, Bloom Bank Africa, Ecobank, First Bank Gambia, Guaranty Trust Bank, Mega Bank, Trust Bank, Vista Bank and Zenith Bank. Banks offer current, savings, student, corporate, foreign-currency and time or fixed-deposit accounts. Some accounts include a debit or ATM card, transaction alerts and online or mobile access, but the package depends on the bank and product. AGIB Bank Gambia provides an established local Islamic-banking option. Islamic banking uses products designed to comply with Sharia principles, and its conditions should be read separately from those of conventional accounts. An account application commonly requires an account-opening form, a signature or mandate card, valid photo identification, proof of address and two passport photographs. The Gambia also uses a Tax Identification Number (TIN) in account-access requirements. Non-Gambian applicants may need a residence or work permit. Companies generally provide registration documents, information about authorized signatories and other corporate records. Some banks offer online or self-service onboarding. No uniform legal account-opening deadline is established for every bank; the timing depends on the institution, documents and compliance checks. Customers usually apply at a branch or through an authorized bank agent. Bank fees vary by bank, account and transaction. The CBG publishes selected bank fees and charges quarterly, but there is no single national tariff for every product. For example, an Access individual current account has a stated opening balance of D500 and no minimum balance, while debit-transaction charges follow that bank's tariff. Banks may restrict, suspend or close accounts under their terms and applicable anti-money-laundering and customer-identification duties. Payments use several connected systems. Real-time gross settlement (RTGS) handles qualifying high-value transfers. Automated Cheque Processing and the Automated Clearing House (ACP/ACH) support cheque and clearing transactions. GamSwitch connects banks and other financial institutions with billing services, payment gateways, ATMs, point-of-sale terminals, websites and mobile channels. The CBG Annual Report 2024 records integration with the Pan-African Payment and Settlement System (PAPSS). National payment systems generally operate on working days and exclude Saturdays, Sundays and public holidays. Customers can also use cheques, local interbank transfers and payments through point-of-sale, web and mobile channels. Banks issue ATM and debit cards, including Visa cards where the product supports them. Trust Bank has replaced older magnetic-stripe cards with chip-and-PIN cards. International card acceptance and acquiring through GamSwitch are being expanded, but international functionality is not guaranteed for every bank or card. Customers should confirm where a card works, the applicable fees, withdrawal limits and procedures for reporting a lost or unauthorized transaction. Savings and time or fixed deposits are available through conventional banks, and Islamic deposit products are also offered. The reviewed framework does not show an operational deposit-insurance system in The Gambia. A Deposit Insurance Bill was validated in 2024, but protection would begin only after enactment and implementation. Until then, no statutory payout limit is evidenced in the available research. Digital services include bank applications, online banking, SMS or email alerts and ATM access. Trust Bank provides balance access, internal and external transfers, statements, cheque requests, stop-cheque functions, Cash Power and airtime services. Ecobank provides mobile and internet banking, including the *1326# channel. AGIB provides an application with local and interbank transfers, bill payments, airtime and GovPay services. Mobile money is a separate functional alternative for retail transfers and cash access. Afrimobile Money through Africell and QMoney Financial Services through Qcell are regulated by the CBG. Their agents support cash-in and cash-out, which can be especially useful where bank branches or ATMs are less available. Mobile money complements formal bank accounts but does not provide the same account, deposit, credit or card services in every case. Customer support is available through branches, contact centres, authorized agents and digital channels. Payment-service providers are expected to provide a generally free complaint-handling process with internal escalation. The CBG supervises the sector, but the reviewed framework does not establish a separate banking ombudsman channel. Customers should keep transaction records, report unauthorized card or digital transactions without delay and use only official bank channels. The CBG Cybersecurity Guidelines 2022 support measures such as chip-and-PIN payments, one-time passwords, account alerts and secure access credentials. Customers should not share passwords, PINs or one-time codes and should verify the official address or telephone number before responding to a payment request. Confidentiality duties arise under payment-service rules and bank conditions, subject to lawful compliance and anti-money-laundering requirements.