This paper has learn through authoritative official sources
that the Central Bank of The Gambia (CBG) has decided to take possession of
Bayba Financial Services and Savings and Credit company with effect from April
In a notice issued to the general
public, CBG informed that acting under section 42 of the Financial Institutions
Act (FIA) has seized the said Financial Services with a view to assuming
overall managerial role over it.
The arrangement, our sources went on, is tailored to give
"the Central Bank of The Gambia
full and exclusive powers of management and control with to view to ensuring
that the two institutions operate in a sound manner."
This development has come within weeks after this paper
carried a story wherein Bayba customers expressed dissatisfaction over the
slowness of the process to receive monies remitted to them.