FBN Bank Gambia Ltd to be officially launched today

The FBN Bank Gambia Limited is set to be officially launched today Friday 9 October 2015, following the bank’s courtesy visit yesterday to the country’s apex bank - Central Bank of The Gambia (CBG) in Banjul.

Officials of both institutions had a promising and fruitful dialogue on the promotion and expansion of the banking services in the country’s financial system geared towards developing the economy.

The launching is to be graced by the Bank’s directors, CBG officials and other delegates.

In his remarks, the Central Bank’s first Deputy Governor Basirou Njie said they need the support and cooperation of all banks.

Deputy Governor Njie said for poverty to be reduced, the economy has to grow much faster.

He said one of the challenges faced in the country is a low savings rate, which determines the growth of the Gambian economy.

The CBG wants the banks to support the nation’s economic growth, as well as to abide by the rules and regulations of the Central Bank of The Gambia, he said.

“We are in business together. If the banks do well, as a regulatory body we do well; and if the banks provide financial services for economic growth, everybody does well,” he said, adding that as banks, their health depends on the health of their customers and the health of the economy.

He reaffirmed that the CBG would do everything possible for the development of the banking sector of the country, particularly to support the development of FBN Bank Gambia Limited.

In her speech, Mrs Eyitope St. Mathew Daniels, head of international banking, First Bank of Nigeria, thanked the CBG for welcoming them to The Gambia, and said the visit was meant to extend their appreciation for the support of the Central Bank of The Gambia for FBN activities in The Gambia.

She highlighted the fact that it has been a great experience in terms of the approval for the transactions they went through in The Gambia.

The visit was also meant to thank the parent bank and to share with them on what they intend to do, and for the public pronouncement of the brand launching of the FBN Bank, she stated.

They don’t want to expand for expansion’s sake, but they would like to put in place proper things and have a reason for expansion as they partner in economic development, she continued.

Coming into The Gambia, they have been following the activities happening in the market; hence they are hopeful to able to find ways to support and move forward, especially in agricultural development, which the Bank is passionate about, she further stated.

There is a lot of emphasis on how to revive the agricultural sector and how to use that for employment creation and economic activities’ promotion, she went on, adding that the Bank in Nigeria has done great in finding ways to promote agricultural initiatives, finance agricultural production and promote the agricultural value chain.

Mrs Eyitope St. Mathew Daniels hopes to find ways of doing the same in The Gambia.

They are very active in providing electronic services, which is one of the things they hope to do very quickly, as well as to leverage other products and services across the network, which will be of great value to the Gambian market.

The FBN Bank official thanked the Central Bank of The Gambia for the support, saying that they want to extend their products and services which they have seen in other locations; to leverage products and services across the network, as well as to expand on other areas, including transfers such as MoneyGram, Ria, Western Union.

Officials at the meeting included FBN Bank Managing Director, Mrs Uloma Kings Olikagu, Mr AbdoulieJallow, a director of FBN Bank, among others.