Nigerian Banks Urged to Comply with Gambia's Hiring Rules
Analysts have advised Nigerian banks operating in Africa to strengthen compliance with host-country regulations as regulatory frameworks tighten. The Gambia's Central Bank has instructed commercial banks, including subsidiaries of Access Bank, FirstBank, GTBank, and Zenith Bank, to phase out non-Gambian employees in favor of qualified Gambian nationals.
Wale Olusi, Director of Deals Advisory at PwC Nigeria, stated that while foreign banks can continue operating, they must adhere to local laws. The directive aims to address manpower challenges in The Gambia, where many Nigerians hold senior positions due to a lack of local expertise.
Olusi emphasized the need for banks to invest in training Gambians to fill these roles. This development is part of a global trend towards protecting local employment, with similar issues arising in other African nations and developed countries.
Additionally, Kenya has approved the transfer of Access Bank Kenya's assets and liabilities to National Bank of Kenya, indicating the complex regulatory landscape for Nigerian banks in Africa.
Plus234Feed summary based on reporting from This Day. Read the original report below.
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