Central Bank Takes over Bayba Financial Services

Apr 25, 2008, 5:33 AM

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 25th2008.

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.

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