The Central Bank of The Gambia (CBG) ordered top banks in Nigeria, including First Bank and Access Bank to dismiss non-Gambian employees, tightening rules on foreign workers as the regulator pushes lenders to prioritise local staff.
The decision, according to reports, was contained in a letter dated 19th September where the CBG ordered commercial banks to phase out non-citizens who are not on approved expatriate quotas by the end of the year.
The letter, signed by Ousman Mendy, the bank’s second deputy governor, was addressed to managing directors of all banks operating in the country, including Nigerian subsidiaries such as First Bank, Zenith, Access, Eco, and the Guaranty Trust Bank.
According to the letter, the decision followed a meeting between the central bank and bank managing directors in August, during which they discussed concerns about the employment of non-Gambian workers in the banking sector.
The CBG said a recent industry study it conducted found that banks employ a large number of foreigners.
It added that, in addition to recruiting expatriate workers, some banks allegedly violated provisions of The Gambia’s Labour Act 2023 and Guideline 9 on expatriate staff.
: Nigeria, Gambia deepen ties on security, justice
These provisions identify the circumstances under which expatriate workers can be employed and the quotas permissible.
‘A recent industry study conducted by the Bank revealed that a relatively high number of non-Gambians are employed by banks, in addition to recognised expatriate staff.
‘This is in violation of the provisions of the Labour Act 2023 and also not in line with guideline 9 on expatriate staff,’ the letter read.
The regulator further urged banks to adhere to the country’s laws and strictly follow the central bank’s guidelines.
‘You are hereby directed to ensure full compliance with the law and strict compliance with CBG’s guidelines,’ it stated.
The regulator also directed that the non-citizens dismissed should be replaced with qualified Gambians.
It directed banks to put clear succession plans in place quickly and transfer skills. It also asked banks to keep operations running smoothly during the transition.