The Central Bank of The Gambia (CBG) has directed commercial banks to begin a phased replacement of non-Gambian employees with suitably qualified Gambian nationals.

The regulator has given banks until December 31, 2026 to complete the transition.

The directive was issued in a September 16 circular signed by Second Deputy Governor Dr Paul J. Mendy, following an August 27 meeting with bank managing directors and an industry-wide study on non-Gambian employment in the banking sector.

The CBG said the study found a “relatively high number” of non-Gambians working in banks beyond staff formally classified as expatriates.

According to the regulator, the practice is contrary to provisions of the Labour Act 2023 and Guideline 9 on the employment of expatriate staff in the banking industry.

The CBG said banks must progressively localise affected positions while putting in place arrangements to transfer skills and knowledge to Gambian employees.

The Labour Act requires employers with expatriate quotas to appoint Gambian understudies to facilitate the transfer of knowledge, technology and skills.

It also provides that expatriate quotas should not be granted where the required skills and expertise are already available locally.

The CBG stressed that the directive applies across the banking industry and does not specifically accuse any individual bank of breaching the law.

The measure is expected to prompt banks, including subsidiaries of Nigerian financial groups such as Access Bank, GTBank, FirstBank and Zenith Bank, to review their staffing and expatriate arrangements.

The regulator said the transition must be managed without disrupting banking operations or resulting in the loss of critical institutional knowledge.