Open banking in The Gambia – Open Banking Nigeria

The Gambia

Overview

The Gambia’s financial landscape is under the supervision of the Central Bank of The Gambia (CBG), which plays a crucial role in regulating the banking industry and ensuring financial stability. The economy is recovering, with projected GDP growth of 5.6% in 2024, driven by tourism, agriculture, and remittances. While financial inclusion initiatives are on the rise, the banking sector remains relatively small with limited digital transformation.

Efforts to modernize the financial sector include the establishment of digital payment systems and improved regulatory frameworks for microfinance and mobile money services. However, there is still a significant gap in digital financial inclusion, particularly in rural areas.

Current Status of Open Banking

Open banking has not yet been formally introduced in The Gambia. The country lacks a regulatory framework to facilitate API-driven financial services or third-party data-sharing agreements. Despite the absence of an official open banking framework, the growing reliance on mobile money and fintech innovations suggests a potential pathway toward its adoption in the future.

Looking Ahead

The future of open banking in The Gambia presents significant potential for enhancing financial services and inclusion. Key steps for future development include:

Establishing a Regulatory Framework: Introducing clear guidelines on data sharing, API usage, and consumer protection will be crucial.
Expanding Digital Infrastructure: Enhancing internet penetration and mobile network access, especially in rural areas, will drive adoption.
Promoting Public Awareness and Trust: Increasing digital literacy and fostering consumer confidence in digital financial services are essential for success.

With the right regulatory and infrastructural foundations, The Gambia could leverage open banking to foster innovation, increase competition, and expand financial access. Further updates will follow as this landscape evolves.