The Central Bank of The Gambia (CBG) has issued a directive to all banks operating in the country, requiring them to replace their existing non-Gambian staff with "suitably qualified Gambian nationals" by December 31, 2026. The directive, signed by second deputy governor Dr. Paul J. Mendy, follows a meeting with bank chiefs on August 27, 2026. This move has raised concerns among Nigerian banks, which have a significant presence in The Gambia.
The directive is addressed to all 11 lenders in The Gambia, but Nigerian banks may be disproportionately affected, with four subsidiaries of Nigerian banking groups operating in the country: Access Bank, FirstBank, Guaranty Trust Bank, and another. Two of these banks are among the largest in The Gambia. The Central Bank of Nigeria (CBN) has now written to the Nigerian parent banks, requesting a detailed action plan and timeline for achieving compliance with the directive.
The CBG's directive cites breaches of the Labour Act 2023 and Guideline 9 of its Management and Technical Services Agreement Guidelines. However, Guideline 9, issued in May 2011, primarily deals with the composition of boards and senior management, and does not appear to regulate non-Gambian employees generally. The guidelines allow parent banks to second staff and top up their pay.
The Nigerian publication that first reported the directive has expressed concerns that the rules of engagement seem to have been subverted, leading to suspicion of a hidden motive. The publication notes that Nigerian immigrants have faced resentment in other countries, such as South Africa, and that Ghana has been accused of hurting the interests of Nigerian businesses.
The CBG's directive has sparked concerns about the potential impact on Nigerian banks and their employees in The Gambia. The deadline for compliance is December 31, 2026, leaving banks approximately 15 weeks to replace their non-Gambian staff. The CBN's involvement in the matter suggests that the Nigerian government is taking the issue seriously.
Dr. Paul J. Mendy, the second deputy governor of the CBG, was trained by the Central Bank of Nigeria (CBN). This connection highlights the long-standing relationship between the two central banks. The Gambia's efforts to empower its citizens with skills and encourage knowledge transfer are understandable, but the manner in which the directive was issued has raised questions.
The situation remains uncertain, with many stakeholders awaiting the outcome. The key points to watch are:
Key points
- The Gambia's central bank directive may disproportionately affect Nigerian banks operating in the country.
- The directive requires banks to replace non-Gambian staff with Gambian nationals by December 31, 2026.
- The Nigerian government is involved, with the CBN requesting a detailed action plan from Nigerian parent banks.
