The Point has gathered from unimpeachable official sources that two banks have reached an advanced stage in efforts to establish business in the country. The sources disclosed that one of the two banks, ECO Bank, which has many outlets in Africa, is going to be located in the new complex next to the Kairaba Shopping Centre along Kairaba Avenue while the other one, said to be a Libyan Bank known as the Bank of Sahel for Commerce and Investment (BSCI), is located at the imposing Sankung Sillah building also on Kairaba Avenue.

The two banks are expected to be operational soon.

This brings to nine the total number of banks and allied financial institutions currently operating in The Gambia.
It could be recalled that recently two banks, namely Reliance Financial Services and Access Bank began operations as well.

In the recent past The Gambia has seen a mushrooming of commercial banks providing financial services to the general public, companies, parastatals and the government institutions.

Statistics have it that the following banks are currently operating in the country. These are Standard Chartered Bank (SCB), the oldest bank in The Gambia, Trust Bank Ltd. (TBL), International Bank of Commerce (IBC), Arab Gambia Islamic Bank (AGIB), Guaranty Trust Bank (GTB), First International Bank (FIB), International Commercial Bank, Access Bank and Reliance Financial Services Ltd.

Financial analysts believe that such a situation makes for keen competition for better services among existing banks, with the result that customers could benefit from more efficient, reliable and better financial facilities and services.