Gambia’s central bank orders commercial banks to phase out non-Gambian employees outside approved expatriate quotas by DecemberBanks, including Nigerian-owned lenders, must replace affected foreign workers with qualified Gambians and develop succession plansCBG cites alleged violations of the Labour Act 2023 and expatriate staffing guidelines following an industry-wide employment studyPAY ATTENTION: Mark Legit.ng as a preferred source, and our content will appear higher in your Google feed!Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.The Central Bank of The Gambia (CBG) has directed commercial banks operating in the country to phase out non-Gambian employees who are not covered by approved expatriate quotas, setting the end of the year as the deadline for compliance.The directive could affect foreign workers at Nigerian-owned banks and other financial institutions operating in the West African country.Two Nigerian banks face a December deadline to sack non-indigenes. Credit: Novatis Source: FacebookIn a letter dated September 19, the CBG instructed banks to replace affected non-citizen employees with qualified Gambians as part of efforts to enforce the country’s labour laws and expatriate employment rules.PAY ATTENTION: From breaking news to viral moments. Follow Legit.ng on Instagram!The letter, signed by the CBG’s Second Deputy Governor, Ousman Mendy, was addressed to managing directors of banks operating in the country, including Nigerian banking subsidiaries such as FirstBank, Zenith Bank, Access Bank and Guaranty Trust Bank.Banks told to prepare succession plansBeyond replacing affected foreign workers, the regulator directed banks to develop clear succession plans and ensure the transfer of skills to Gambian employees.The central bank stressed that the transition should be carefully managed to prevent disruptions to banking operations and customer services.According to the regulator, the directive followed an August meeting with managing directors of banks, where concerns over the number of non-Gambians working in the country’s banking industry were discussed.A subsequent industry study conducted by the CBG reportedly found what the regulator described as a relatively high number of foreign employees outside recognised expatriate positions.CBG cites alleged labour law violationsThe central bank said some employment practices were inconsistent with provisions of The Gambia’s Labour Act 2023 and Guideline 9 governing expatriate staff.The regulations outline the circumstances under which expatriates may be employed and the permitted quotas for foreign workers, Premium Times reports.“A recent industry study conducted by the Bank revealed that a relatively high number of non-Gambians are employed by banks, in addition to recognised expatriate staff,” the CBG said.It added that the situation was “in violation of the provisions of the Labour Act 2023” and inconsistent with its expatriate staffing guidelines.December deadline for banksGTBank and Access face a deadline to phase out non-indigenous staffers in Gambia. Credit: Novatis Source: Getty ImagesThe regulator has now asked banks to ensure that affected foreign workers are phased out by the end of the year and replaced by qualified Gambians.“You are hereby directed to ensure full compliance with the law and strict compliance with CBG’s guidelines,” the letter stated.The directive puts banks under pressure to review their staffing structures, expatriate quotas and succession arrangements before the December deadline.6 Nigerian banks rank among Africa’s 20 largestLegit.ng earlier reported that six Nigerian banks have made Africa’s list of the 20 largest lenders by total assets, reflecting the expanding scale of the country’s financial sector after a sweeping recapitalisation programme.The ranking, compiled using data from S&P Global Market Intelligence, company reports, African Business, The Banker, and African Research, placed Access Bank as the continent’s largest Nigerian lender, with roughly $36 billion in assets and an overall 12th-place position.
Source: Legit.ng Pascal Oparada (Business editor) For over a decade, Pascal Oparada has reported on tech, energy, stocks, investment, and the economy. He has worked in many media organizations such as Daily Independent, TheNiche newspaper, and the Nigerian Xpress. He is a 2018 PwC Media Excellence Award winner. Email:pascal.oparada@corp.legit.ng Guaranty Trust Bank – GtbankAccess Bank Us embassy Funny numbers Mary bruce Darah trang Female blonde anime characters
