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| The CBG raised from D150 to D200 million, the minimum capital requirement for commercial banks operating in The Gambia. It is not clear if the two banks have fallen short of this regulation. Photo taken from Gambia.com |
The
Central Bank of The Gambia, CBG, Monday “take full control” of two
Nigerian-owned commercial banks, Access (Gambia) Ltd and Keystone (Gambia) Ltd.
CBG
announced it has exclusive powers to manage and control the two banks to ensure
that they “operate in a safe and sound manner” but it did not make clear the
reason behind the move.
The
May 5 decision was taken under the Banking Act 2009, according to the CBG which
states it wants “to safeguard the financial system in particular and the
economy in general.”
It
stated: “The two banks would continue business as usual, and depositors are
assured that the banks have ample liquidity to meet current and future
obligations.”
