Central Bank of The Gambia Orders Banks to Hire Locals

The Central Bank of The Gambia (CBG) issued a directive requiring commercial banks, including Nigerian lenders Access Bank (NGX: ACCESSCORP), GTBank, FirstBank, and Zenith Bank (NGX: ZENITHBANK), to replace non-Gambian employees with qualified Gambian nationals by December 31, 2026. This order was communicated in a circular dated September 16, signed by CBG Second Deputy Governor Dr Paul J. Mendy.

The decision followed an August 27 meeting with bank managing directors and an industry review that revealed a high number of non-Gambians employed beyond recognized expatriate arrangements. The CBG stated that this situation violates Guideline 9 regarding expatriate staff employment.

Banks must ensure that the transition does not disrupt services or lose critical knowledge. The directive is based on Section 38(1) of the Labour Act, which mandates hiring Gambian understudies for expatriate roles.

Employers face fines for non-compliance, but the law does not entirely ban expatriate employment. The circular did not specify any banks in breach of the rules.