African Country Orders Access Bank, GTBank, FirstBank, Zenith To Replace Foreign Staff, Sets Date

• The Central Bank of The Gambia issued a circular directing commercial banks to phase out non-Gambian employees by December 31, 2026
• The CBG's study found a high number of foreign workers at banks beyond those covered by recognised expatriate arrangements
• Employers who fail to comply with Gambia's Labour Act on expatriate staffing face fines of at least 500,000 dalasis upon conviction

Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The Central Bank of The Gambia (CBG) has ordered commercial banks operating in the country, including Nigerian lenders Access Bank, Guaranty Trust Bank (GTBank), FirstBank and Zenith Bank, as well as Ecobank, to begin replacing non-Gambian employees with qualified Gambian nationals before December 31, 2026.

The directive came in a circular dated September 16, signed by CBG Second Deputy Governor Dr Paul J. Mendy.

It followed a meeting between the central bank and the managing directors of commercial banks on August 27, and an industry-wide review of how banks employ foreign personnel.

CBG finds high number of foreign workers in banks

The CBG said its review uncovered a "relatively high number" of non-Gambians working at banks beyond those formally recognised under expatriate arrangements.

The regulator said the situation violates The Gambia's Labour Act 2023 and is inconsistent with Guideline 9, which governs how banks employ expatriate staff.

The said:

"Consequently, all banks are required to adopt a phased approach to replacing existing non-Gambian staff with suitably qualified Gambian nationals, with appropriate arrangements for skills transfer and continuity of operations."

Banks were also told to ensure that as positions are localised, the transition does not cause the loss of critical institutional knowledge or disrupt day-to-day banking services.

What Gambia's labour law requires

The CBG's directive draws on Section 38(1) of the Labour Act, which requires any employer granted an expatriate quota to also hire a Gambian understudy for that role, BusinessDay reports.

The provision is designed to ensure that research, technology and skills are transferred to local workers over time.

The law also says the Expatriate Quota Board should not approve an expatriate quota for any role where the required skills already exist within The Gambia.

Employers who bring in foreign workers without the necessary quota clearance, or who fail to renew an existing one, risk a fine of at least 500,000 dalasis on conviction.

The same penalty applies to employers who do not assign a Gambian understudy to an expatriate employee.

The legal framework stops short of banning expatriate employment entirely. Instead, it ties such employment to regulatory approval and places an obligation on employers to build local capacity.

Nigerian banks asked to review staffing

The CBG circular did not name any individual bank as being in breach of the rules, and it did not single out Access Bank, GTBank, FirstBank, Ecobank or Zenith Bank for non-compliance.

The directive is an industry-wide measure requiring all commercial lenders to align their workforce structures with existing labour laws.

Each bank is expected to identify suitably qualified Gambian nationals who can fill affected roles as the transition progresses.

The affected Nigerian lenders were contacted for comment on the directive but requested additional time to respond.

Nigerian banks raise staff salaries

Earlier, Legit.ng reported that Nigeria’s leading banks are spending more than ever to attract and retain workers as competition for skilled professionals intensifies across the financial sector.

An analysis of the 2025 audited financial statements of Access Holdings, United Bank for Africa (UBA), Zenith Bank, and Wema Bank shows that the four lenders increased their combined workforce by 12.75% to 33,675 employees, while total wages and salaries rose 27.49% to N1.05 trillion.

The surge in compensation comes as banks battle inflation and rising living costs.