What the Bankers say: Gambia

Trust Bank

Pa MM Njie, MD

1. What makes your country attractive to investors?

Political peace and stability, English-speaking population, free market economy, liberal banking with foreign currency denominated accounts to ease international trade; an attractive incentive package for investors, special agency to advice and help prospects to invest (GIPFZA), favourable weather, attractive tourist destination, proximity to EU and US markets, attractive offers available for investors.

2. What are the economic prospects for your country over the next three to five years?

The strong economic expansion experienced over the past two years is expected to be maintained. Economic output is forecast to grow at least 5% underpinned by the confluence of robust increase in agricultural production, reflecting plentiful and well distributed rainfall, continuing rebound in tourism, strong recovery in re-exports following the reopening of the border by the Senegalese authorities, and increased consumer spending and business investment.

 3. How do you foresee the financial sector in your country changing? 

The economy is mainly cash based. We lack sophisticated ways of banking (electronic banking, universal banking, etc), there is no stock market, no credit rating agency, and a general lack of capacity for providing adequate collateral against borrowing. This limits the demand for lending in banks. The financial sector is likely to become more sophisticated, introducing more products and more sophisticated services.

 4. What role will your bank play in your country’s future development? 

The bank will play a role in financial intermediation, continuing to provide quality banking services for individuals and businesses. It has a favourable corporate social responsibility policy to complement national development efforts. It will enhance financial service quality with more innovative and attractive products and services, and will enhance sectoral development by financing key sectors, such as agriculture, fisheries and manufacturing.