The Central Bank of The Gambia (CBG) has directed commercial banks operating in the country to replace existing non-Gambian employees with suitably qualified Gambian nationals by December 31, 2026.
The directive was contained in a circular dated September 16, 2026, and signed by the bank’s Second Deputy Governor, Dr. Paul J. Mendy.
The policy requires banks to implement a phased replacement process while making arrangements for skills transfer and continuity of operations.
The development could affect Nigerian professionals working in The Gambia’s banking industry, including employees of Nigerian-origin lenders such as Access Bank, FirstBank, Guaranty Trust Bank and Zenith Bank.
Gambia orders banks to replace foreign staff
According to the apex bank, the decision followed a meeting with managing directors of banks operating in the country on August 27, 2026.
The regulator said an industry study conducted by the bank found that a relatively high number of non-Gambian nationals were employed across the banking industry, in addition to staff recognised under existing expatriate arrangements.
It said the practice contravened provisions of The Gambia’s Labour Act 2023 and was inconsistent with Guideline 9, which governs the employment of expatriate staff in the banking industry.
Consequently, the central bank directed all banks to begin a gradual replacement of affected foreign employees with suitably qualified Gambian nationals.
In the circular, it stated:
- “Consequently, all banks are required to adopt a phased approach to replacing existing non-Gambian staff with suitably qualified Gambian nationals, with appropriate arrangements for skills transfer and continuity of operations.”
The regulator further instructed banks to complete the exercise within the stipulated timeframe, stressing the need for compliance with existing labour laws and its employment guidelines.
The directive is expected to require banks to balance the replacement of affected foreign employees with the transfer of relevant skills to Gambian nationals and the continuity of banking operations.
NiDCOM raises concerns over Gambia directive
The directive could have implications for Nigerian banking professionals working in the country. The Nigerians in Diaspora Commission (NiDCOM) estimates that 57 Nigerian professionals working in four Nigerian-origin banks in The Gambia could be affected by the policy.
The four institutions are Access Bank, FirstBank, Guaranty Trust Bank and Zenith Bank. Ecobank Gambia also operates in the country, although it is part of the pan-African Ecobank Group rather than a Nigerian-origin banking group.
According to a list of licensed banks published on the Central Bank of The Gambia’s website, some of the institutions and their managing directors include:
- Access Bank (Gambia) Ltd: Stephen Ahwahyi Abban, a Ghanaian, is the Managing Director.
- Ecobank (Gambia) Ltd: John Nyaaba, also a Ghanaian, is the Managing Director.
- First Bank Gambia Limited: Gbenga O. Agibola, a Nigerian, is the Managing Director.
- Guaranty Trust Bank (Gambia) Ltd: Abolaji Isaika Yusuff, a Nigerian, is the Managing Director.
- Zenith Bank Gambia: Mustapha I. Kabiru, another Nigerian, is the Managing Director.
Meanwhile, NiDCOM has expressed concern over the potential implications of the directive for Nigerian professionals working in the country.
In a statement, the Commission’s Chairman and Chief Executive Officer, Abike Dabiri-Erewa, described the development as “deeply worrisome.”
While acknowledging The Gambia’s right to promote local employment and develop its workforce, she argued that the policy should be implemented in a manner that protects existing employment arrangements and legitimate work authorisations.
She said:
- “While NiDCOM recognises Gambia’s right to promote local employment and develop its workforce, such policies must be implemented fairly and in a manner that respects existing employment arrangements, legitimate work authorisations and the principles of African solidarity and regional integration.”
Nigerian banks deepen expansion across African markets
The directive comes as Nigerian banks continue to expand their operations across African markets, with their international subsidiaries contributing significantly to group earnings.
Research by Nairametrics showed that in 2025, four of Nigeria’s FUGAZ banks generated a combined N1.949 trillion in profit before tax from their foreign subsidiaries, accounting for 54.77% of their combined group profit of approximately N3.56 trillion.
- United Bank for Africa (UBA) led the group, generating N671.1 billion in pre-tax profit from its foreign operations across 20 African countries and the United Kingdom. This represented approximately 92% of its group pre-tax profit of N729.785 billion before adjustments.
- Access Holdings followed with N571.305 billion in pre-tax profit from its 15 offshore subsidiaries, representing a 24.2% increase from the previous year.
- GTCO’s foreign subsidiaries also recorded N375.322 billion in pre-tax profit, up 37% from N273.142 billion in 2024. The group operates across Ghana, Liberia, Tanzania, Côte d’Ivoire, The Gambia, Sierra Leone, the United Kingdom and Kenya.
- Meanwhile, Zenith Bank generated N331.758 billion in pre-tax profit from its four foreign subsidiaries in Ghana, Sierra Leone, The Gambia and the United Kingdom.
The figures highlight the growing contribution of international operations to Nigerian banks’ earnings, even as the Central Bank of The Gambia’s latest directive introduces a new employment requirement for banks operating in the country.
For Nigerian lenders with Gambian subsidiaries, the December 31 deadline could therefore require adjustments to their staffing structures, alongside the broader skills-transfer arrangements mandated by the regulator.
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