director of Guaranty Trust Bank (Gambia) has said that The Gambia still enjoys
an attractive environment to do business especially in the area of banking.
Mr Bolaji Ayodele said the liberal nature of the economy gives it an added advantage as a financial hub in the sub region.
“Notwithstanding the size of the economy coupled with the keen competition, the banking industry is largely liquid which reflects a safe and sound financial system,” Mr Ayodele said.
Speaking in an exclusive with this reporter on the bank’s newest innovation (mobile App), Mr Bolaji Ayodele said the country’s banking system is well regulated and the capacity to do business by each bank is improving by the day.
“The new administrators at the Central Bank of The Gambia are determined to ensuring that all banks continue to be compliant and that the general public is the winner at the end of the day,” he said.
Although the commercial banks have seen a drop in the lending rate from 27% to 21% which represents a drop of 22%, the good thing about this, according to Mr Ayodele, is that commercial banks might be able to avail loans with much lower interest rates for investment purposes.
“If this is well managed, hopefully the investments can result in an increase in local production and employment,” he added.
A recent press release by the Monetary Policy Committee of the Central Bank of The Gambia, described the financial sector as “safe, sound and profitable.”
The release said a total assets of the industry amounted to D35.7 billion in June 2017 compared to D29.6 billion in June 2016.
“This shows that the banking industry is growing and continues to be stable. We owe this sound financial system to the government, and the Central Bank of The Gambia,” GTBank boss added.