Oct 16, 2009, 5:42 AM
Central Bank of The Gambia (CBG) yesterday issued a press release to notify the general public of the entry into the local insurance industry of a new operator, Capital Express (Gambia) Limited. "The general public is hereby informed that the Central Bank of The Gambia, acting under section 5 of the Insurance Act 2003, issued a licence in The Gambia to Capital Express (Gambia) Limited on July 9, 2008 to do life insurance business in The Gambia," the release stated.
The new insurance company, according to the release, is to cater life insurance to customers in accordance with the provisions of the insurance legislation. The release went on to express CBG's belief that the issue of licence to Capital Express (Gambia) Limited will impact favourably on the financial sector, in addition to making for much-needed competition in the industry that now comprises 11 companies. "Under the terms of the licence, Capital Express (Gambia) Limited is mandated to conduct life insurance business strictly in line with the provisions of the insurance legislation.
The licensing of Capital Express (Gambia) Limited, which brings to eleven (11) the number of insurance companies operating in The Gambia, is expected to further deepen the financial sector as well as enhance competition in the insurance industry. A deep and competitive financial sector is an important prerequisite for sustained economic growth and development," the release concludes.