#Article (Archive)

ECONOMYWATCH: The secret behind Bayba’s exponential growth

Jun 19, 2013, 12:45 PM | Article By: Osman Kargbo

The exponential growth registered by Bayba Financial Services Limited within a year of operation since it started business in 2011, is both a show of professionalism and business etiquette.

Entering the business of money transfer in 2011 to serve people both within and outside of The Gambia, Bayba Financial Services has been able to weather the storm and challenges in the money transfer industry to spread its tentacles and register rapid growth over the year, by posting 800 per cent increase in profit for 2012, to a net profit of D9 million in that year from a net profit of D1 million in 2011.

Bayba, Trust Bank’s wholly-owned subsidiary, completed its second year of operation in December 2012.

Its performance in 2012 is something to right home about, as it has brought joy and satisfaction to the Trust Bank family, making them believe that there is brighter light at the end of the tunnel and that they have not made a wrong investment in getting the former dying financial institution alive and kicking.

Trust Bank Board Chairman Ken Ofori-Atta, in his report on the bank’s 15th Annual General Meeting this year, states: “It gives me pleasure  to announce that they [Bayba Financial Services Limited) registered an after tax profit of D9 million compared to a profit of D1 million in the previous year, representing an increase of 800%.”

He also says: “Bayba’s balance sheet also grew by 425% from D8 million in 2011 to D42 million in 2012. The Bayba Board has recommended the payment of D4.5 million as Dividends to its parent Trust Bank Ltd and this payout will be reflected in the Bank’s 2013 financials.”

In its quest to contribute to the deepening of the foreign exchange market in The Gambia, to help develop other productive sectors of the economy, Bayba Financial Services signed on many new Money Transfer Partners over the year to meet the needs and aspirations of the Gambian people home and abroad, and let its customers enjoy greater convenience. The partners include RIA, Sikacash, Small World, Kemoson, Money Express, and Telegiros.

The secret behind Bayba’s exponential growth lies in the fact that they are people-focused, said Mr Momodou L. Bojang, General Manager of Bayba Financial Services Limited.

“We are a people-focused institution; we try to always satisfy the people and meet their needs; that’s why we have tried to join ranks with more partners around the world, to serve every Gambian around the four corners of  the world,” said Mr Bojang.

Started in 2011 with four branches, Bayba Financial Services now has 20 locations (branches) across the country and still counting.

Mr Bojang, who believes that what the mind of man can conceive and believe, the mind of man can achieve, said: “We have established branches as a way of going to or reaching the people rather than they coming to us.”

To maintain Bayba’s knack for timely and quality service, he added, they have also put in place modern technology that has beefed up effective and efficient service delivery and meeting customer expectations.

Not only these, the Bayba manager discloses, they also have support mechanisms in place in tandem with their parent company, Trust Bank Gambia Limited, such as involving in social activities targeting mainly the youth and students, through education, football and other sports as well as anti-drug programmes to discourage the cream and future leaders of The Gambia from vices inimical to their health and the development of the country.

Mr Bojang also says that under his management, Bayba always looks for balance performance, by producing substantial results to also meet the expectations of their shareholders, customers and staff.  



Account payable: Amounts owed to trade creditors and included as current liabilities in the balance sheet.

Account receivable:  Invoiced or billed amounts owing to a business which are outstanding from debtors and included under current assets in the balance sheet.

Bretton Woods:  A conference (official title: the United Nations Monetary and Financial Conference) held at Bretton Woods, New Hampshire, USA, in July 1944, called to consider the postwar organization  of international monetary relations and resulting in the establishment of the International Bank for Reconstruction  and Development (World Bank) and the International Monetary Fund (IMF).

Call money: A bank loan payable on demand; i.e. at call. Most notably used in the UK as a means for the commercial banks to place short-term funds with the former discount houses.

Capital reserves: Undistributed reserves. Some items in the reserves of a company cannot be distributed because they are part of the equity/capital of the business.

Delivery versus payment: A concept in the settlement of multi-currency deals, under which the transfer of one currency does not proceed unless the transfer of the other currency is simultaneously taking place. The concept is intended to avoid Herstatt risk.

Herstatt risk: The risk of loss in the capital value of a currency transaction, where one side of the bargain is completed, but completion on the other side is delayed.

Innocent capacity: Reinsurance activity undertaken by an obscure or newly established operator, neither familiar with, nor expert in, the working of the market.

Intermediate offer:  A new issue of shares in which shares are placed with financial intermediaries (placing). Private investors may apply for these shares through a stockbroker.

Transfer:  The passage of money across national frontiers for non-commercial purposes, e.g. for the payment of legacies or pension. It also means the physical delivery of certificates attesting ownership following sale of a security.

Source: The Penguin International Dictionary of Business and Finance