Regulatory Alerts2019-10-07
Guideline for Opening a Branch
The Central Bank of The Gambia mandates that banking institutions obtain prior regulatory approval and pass site inspections before opening new branches or agencies under the Financial Institutions Act 2003. Branch applications require a comprehensive feasibility study demonstrating capital adequacy, three-year profit and cash flow projections, community convenience, and qualified management alongside compliant premises and IT infrastructure. Agencies follow a streamlined cost-benefit assessment without mandatory account-opening privileges, requiring only an Agency Head, a minimum of three staff members, and stable IT systems to support cash handling, money transfers, and foreign currency trading.
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