Thursday, August 27, 2009

Close to home

The on-going developments within the financial industry in the West African state of Nigeria begs for more questions than answers in terms of the challenges that the banking sector is going through to win the hearts and minds of their esteemed customers - don't mind everything is under control.

By injecting money to save five of the country's many banks, the Central Bank of Nigeria now wants to put some sanity into the ulcer that is seemingly tearing the lives of many customers. The reactions of the authorities in the case has further heightened tensions in the country, and many people are wondering when will this end?

But in a country, where big and small incidents do not stop the traffic from moving, Nigerians are asking themselves why do the big guns got entrapped in this mess?

For those of us in the Gambia, the proliferation of banks over the years is seen as a welcome development, the fact that 13 banks are now operating in the country could not have come at a better time when The Gambia is tagged in some contexts as an emerging economy in the region.

While, many countries on the continent are witnessing series of security problems, the peace and political stability continue to be one of the biggest assets The Gambia can boast of. Suffice it to say the increasing number of tourists who come to The Gambia has made it possible for investors to come in numbers.

Forget about the small size of the country, economic analyst beleive in the coming years there will be more banks and more companies in The Gambia.

The only lesson perhaps: We must not allow what happened in Nigeria to prevail in The Gambia, that will not only tear the hearts of customers but to a large extent dissuade potential customers from putting their monies into the bank.

2 comments:

  1. One thing you forget to mention was most banks in the Gambia are now owned or operated by the Nigerians. So careful of how you say things like the Gambia is doing fine with the banking sector. Too many banks in the the gambia is not a good sign of development for the people.

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  2. You are right, I think you have really taught me some lessons. But one thing we need to put at the back of our minds is the fact that more banks will among other things provide employment for a teeming mass of otherwise 'umemployed' youths.

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