Borrowing in The Gambia: how credit works in dalasi
In The Gambia, people mostly borrow from about a dozen commercial banks supervised by the Central Bank of The Gambia, from microfinance institutions or from osusu savings groups, with loans issued in dalasi (GMD) and usually backed by a salary.
Who regulates lending in The Gambia?
The Central Bank of The Gambia (CBG), based in Banjul, licenses and supervises banks, microfinance institutions and mobile money operators. Its financial supervision department acts under section 71 of the Central Bank Act of 2018, which sets out its powers over lenders.
The dalasi and the CBG policy rate
The CBG Monetary Policy Committee held the policy rate at 14% as of 20 August 2026, while inflation stood at 6.5% in August 2026. These indicative benchmarks shape what Gambian banks charge on loans denominated in dalasi.
Why the WAMU usury cap does not apply
Unlike neighbouring Senegal, The Gambia is not a member of WAEMU and does not use the CFA franc. The usury ceilings set by the BCEAO therefore carry no weight here: each Gambian bank sets its own rates, so offers must be compared one by one.
The central bank's Credit Reference Bureau
Set up by the CBG in 2008, the Credit Reference Bureau lets banks share their customers' repayment history. The Taxpayer Identification Number (TIN) issued by the Gambia Revenue Authority acts as the key that links each loan to the right borrower.
Twelve licensed commercial banks
At the end of 2024, the CBG listed Access Bank, AGIB, BSIC, Bloom Bank Africa, Ecobank, First Bank, Guaranty Trust Bank, Mega Bank, Standard Chartered, Trust Bank, Vista Bank and Zenith Bank. Most of their branches are clustered around Banjul, Kanifing and Serrekunda.
Islamic finance with AGIB and Salam Financial
In a country with a large Muslim majority, AGIB Bank offers interest-free murabaha financing. The microfinance institution Supersonicz became Salam Financial Services in April 2025 as part of its conversion into an Islamic microfinance provider for households and small traders.
Microfinance, credit unions and osusu groups
Outside the banks, households turn to microfinance institutions, savings and credit cooperatives and osusu rotating groups. Our report on microcredit in The Gambia and its main players covers these channels, which are very active in the markets of Serrekunda and Brikama.
Wave, Afrimoney and QMoney widen access
According to the FinScope Consumer Gambia 2025 survey, mobile money has become the main driver of financial inclusion, led by Wave. The CBG also licenses Afrimoney, linked to Africell, and QMoney, linked to QCell, both used for everyday payments and transfers.
Housing and studies: SSHFC and student loans
The SSHFC manages a housing fund, covered in our page on the Gambian mortgage loan. The MoHERST Students Revolving Loan Scheme, explained in the student loan guide for The Gambia, has announced a 2026 budget of GMD 56.5 million.
Groundnuts, tourism, fishing: funding a business
The economy rests on groundnuts, tourism along the Atlantic coast, fishing and re-exports to Senegal. Traders and project owners will find bank and public options in our section on financing a business in The Gambia and its practical requirements.
Leasehold plots and customary land as collateral
Around Banjul and Kanifing, many plots are held under registered state leases, whereas customary tenure confirmed by the alkalo dominates in rural areas. Banks more readily accept a registered lease, and the CBG also keeps a collateral registry for movable assets.
The weight of diaspora remittances
Money sent home by Gambians living in Europe and the United States is a major resource for many families. Some banks take these regular inflows, received through Wave or money transfer agencies, into account when assessing a borrower's repayment capacity.
Getting a first loan in The Gambia, step by step
- Open an account with a CBG-licensed bank and have your salary or regular income paid into it.
- Obtain your TIN from the Gambia Revenue Authority, which is essential for registration with the Credit Reference Bureau.
- Compare dalasi offers from several banks and microfinance institutions, asking for the rate, fees and term in writing.
- Gather proof of income, identity and residence, then submit the file at a branch in Banjul, Kanifing or Brikama.
- Have your employer sign the payroll deduction undertaking when the bank requires it for a salary-backed loan.
- Read the contract carefully, especially the insurance, late payment penalties and repayment schedule, before signing.
What makes up the cost of a dalasi loan
| Item | Benchmark | What makes it vary |
|---|---|---|
| CBG policy rate | 14% as of 20 August 2026 (indicative) | Monetary Policy Committee decisions |
| Bank lending rate | Set freely by each bank | Borrower profile, term, collateral |
| Arrangement fee | Percentage of the amount or flat fee in GMD | Fee schedule of the bank or MFI |
| Borrower insurance | Premium often included in the monthly payment | Age, amount and loan term |
| Collateral registration fees | Vary with the deed | Land lease, pledge, collateral registry |
Documents Gambian lenders ask for
- Gambian biometric national ID card or passport
- Taxpayer Identification Number (TIN) from the GRA
- Last three to six payslips
- Bank statements or Wave or Afrimoney transaction history
- Proof of address or a letter from the alkalo
- Employer letter confirming employment and salary domiciliation
Common mistakes and scams with Gambian credit
- Forgetting that a late payment reported to the Credit Reference Bureau follows the borrower from bank to bank and often blocks a new application for a long time.
- Comparing a Gambian loan with WAMU rates found on Senegalese websites, when the rules and the currency are different.
- Paying upfront fees to a so-called lender found on Facebook or WhatsApp who promises a loan without paperwork within a few hours.
- Offering an unregistered plot or a simple customary agreement as collateral, which the bank will refuse for lack of a usable title.
- Borrowing from an outfit whose licence does not appear on the lists published by the Central Bank of The Gambia.
Lenders to contact
- Ecobank Gambia: Gambian subsidiary of the pan-African banking group, providing personal retail banking services to individual customers in The Gambia.
- AGIB Bank: Gambian bank providing banking services to individuals, including online banking, and operating according to Islamic finance principles.
- Standard Chartered Gambia: Gambian subsidiary of an international bank offering personal loans to individual customers through its dedicated borrowing section.
Loans in The Gambia: answers to common questions
Which authority supervises lenders in The Gambia?
The Central Bank of The Gambia issues licences and supervises banks, microfinance institutions and mobile money issuers. It publishes the list of licensed institutions, which is worth checking before you sign any loan agreement.
Does the BCEAO usury rate apply in The Gambia?
No. The Gambia has its own currency, the dalasi, and its own central bank. The WAMU usury ceilings that apply in Senegal or Guinea-Bissau do not cover Gambian banks, which set their rates within the framework defined by the CBG.
Can I borrow with only a Wave account?
A Wave or Afrimoney transaction history can support an application, especially with a microfinance institution. For a sizeable bank loan, a bank account with your income paid into it and a TIN are generally still required.
Is Islamic finance available in The Gambia?
Yes. AGIB Bank is the country's Islamic bank, and Salam Financial Services, formerly Supersonicz, repositioned itself as an Islamic microfinance provider in 2025. Their financing relies on sale or lease contracts rather than conventional interest.