All Loan Companies in Gambia

The financial landscape in The Gambia is undergoing a significant transformation, largely propelled by the rapid growth of digital lending services and mobile applications. As more Gambians gain access to smartphones, the convenience of obtaining credit through a few taps on a screen has become increasingly appealing. This shift offers both immense opportunities for financial inclusion and new challenges related to consumer protection and responsible borrowing. As a financial analyst, my aim is to provide a clear, comprehensive overview for you, the Gambian consumer, to navigate this evolving market safely and effectively.

The Rise of Digital Lending in The Gambia

The digital lending market in The Gambia has witnessed remarkable expansion, particularly since 2022. This growth is a direct result of several key factors: a significant increase in smartphone penetration, which now stands at an estimated 47 percent of Gambian adults in 2025; a growing comfort with financial technology solutions; and a regulatory environment that, while still developing, is actively working to support and govern this sector.

Mobile-based microloans have become a substantial part of the economy, with estimated annual disbursements reaching approximately GMD 3 billion, or about 55 million United States dollars. The average loan size typically ranges from GMD 5,000 to GMD 50,000, catering to various short-term financial needs. Innovation in this sector has focused on making borrowing as accessible as possible. This includes simplified onboarding processes that often combine Unstructured Supplementary Service Data (USSD) technology with electronic Know Your Customer (e-KYC) verification, the use of alternative credit scoring methods based on mobile data usage, and the crucial feature of instant disbursement directly to mobile money accounts.

This technological leap has not only made credit more available but has also integrated seamlessly with the widespread use of mobile money in The Gambia, allowing for quick access to funds and convenient repayment mechanisms.

Key Players and Loan Offerings in The Gambian Market

Several digital lending platforms and established banks offering mobile loan services are active in The Gambia. Understanding their offerings, terms, and regulatory standing is crucial for informed decision-making. Below is an overview of the major players, detailing their typical interest rates, loan amounts, and other key features:

Prominent Loan Applications and Platforms:

• Kolomoni Gambia Digital: Registered in The Gambia, Kolomoni offers unsecured personal loans up to GMD 100,000. Their Annual Percentage Rates (APRs) typically range from 22 percent to 60 percent per annum. Borrowers can expect origination fees between 2 percent and 5 percent, with late payment penalties of 1 percent per day. Onboarding requires a National ID and a selfie, alongside mobile number verification. Kolomoni uses automated scoring based on mobile usage and social graph data. It is licensed as a microfinance institution by the Central Bank of The Gambia.
• Bloom Bank Mobile: Also registered in The Gambia, Bloom Bank Mobile provides personal loans from GMD 10,000 to GMD 200,000, and even offers mortgage pre-approval. Their APRs are generally lower, ranging from 18 percent to 45 percent per annum, with a processing fee of 1 percent. While offering higher loan amounts, their Know Your Customer (KYC) process is more traditional, requiring a branch visit in addition to an ID scan and selfie. As a licensed commercial bank, it relies on traditional credit bureaus and bank statements for underwriting.
• MegaBank Gambia Mobile: This Gambian-registered commercial bank provides personal loans up to GMD 50,000 and overdraft facilities. It typically offers a fixed APR of 22 percent per annum. KYC often involves salary domiciliation and an ID. Underwriting is primarily based on salary domiciliation, making it a reliable option for salaried customers, though with more limited digital-only features.
• GTWorld Gambia: Operated by Guaranty Trust Bank, GTWorld Gambia offers salary-backed personal loans up to GMD 150,000. While specific APRs are inferred to be between 24 percent and 60 percent, they typically charge a 1 percent origination fee. It utilizes e-KYC and bank account linkage for onboarding, with underwriting based on bank transaction history. As a licensed commercial bank, it benefits from a strong brand presence.
• FirstBank Gambia Mobile: A subsidiary of FirstBank Nigeria, this platform offers personal loans from GMD 20,000 to GMD 100,000. Estimated APRs are between 20 percent and 50 percent, with a 2 percent processing fee. It features a seamless e-KYC and phone-based onboarding process, using credit bureau data and internal scoring for underwriting. It is licensed by the Central Bank of The Gambia.
• QCell GM (QCELL app): Primarily a telecom provider, QCell offers a unique "Flash credit" or airtime loan up to GMD 500. The implied APR for such short-term credit can exceed 120 percent per annum, alongside a 10 percent usage fee. KYC is based on SIM registration, and underwriting relies on call and data usage. While offering instant, small amounts, it operates under a telecom license, not a credit license from the Central Bank.
• QMoney - Customer: This platform offers strong wallet features. While the source material suggests unverified money-market loan features, specific APRs, fees, or underwriting details for lending are currently unverified.

Comparative Overview of Key Loan Terms:

To help you choose, here is a comparative overview of the typical APR ranges and maximum loan amounts offered by these providers:

• Kolomoni Digital: APR 22%-60%, Max Loan GMD 100,000, Disbursement via mobile money.
• Bloom Bank Mobile: APR 18%-45%, Max Loan GMD 200,000, Disbursement via bank transfer.
• MegaBank Gambia Mobile: APR 22% (fixed), Max Loan GMD 50,000, Disbursement via bank transfer.
• GTWorld Gambia: APR 24%-60%, Max Loan GMD 150,000, Disbursement via bank transfer.
• FirstBank Gambia Mobile: APR 20%-50%, Max Loan GMD 100,000, Disbursement via bank transfer.
• QCell GM: APR >120% (estimated), Max Loan GMD 500, Disbursement via airtime top-up.
• QMoney (unverified lending): APR Unverified, Max Loan Unverified, Disbursement via mobile money.

Regulatory Landscape and Consumer Protection

The Central Bank of The Gambia (CBG) plays a pivotal role in shaping the digital lending environment to ensure stability and protect consumers. In June 2023, the CBG issued its Digital Credit Guidelines, which mandate crucial requirements for all licensed digital lenders. These include transparent disclosure of Annual Percentage Rates, robust Know Your Customer (KYC) and Anti-Money Laundering (AML) checks, and caps on the total loan portfolio exposure per borrower, limited to GMD 200,000. Additionally, licensed microfinance institutions (MFIs) must adhere to CBG capital requirements, maintaining a minimum of GMD 50 million, and submit quarterly financial reports.

While the regulatory framework is evolving, the CBG is actively enforcing these guidelines. For instance, in the first half of 2025, two warning letters were issued to lenders for undisclosed fees, signaling a commitment to transparency. Despite these efforts, consumers still face several risks in the digital lending space:

• High APRs and Hidden Fees: Some apps may have very high interest rates or introduce additional fees that are not clearly communicated, potentially trapping borrowers in debt cycles.
• Data Privacy Gaps: There are concerns about some applications collecting excessive or unnecessary personal data, which could lead to privacy breaches.
• Unlicensed Lenders: The market may contain platforms that masquerade as legitimate loan apps but operate without proper licensing from the CBG, posing significant risks.
• Aggressive Debt Collection: Some lenders resort to aggressive and inappropriate debt collection tactics, including contacting borrowers' social contacts or using threatening language.

Awareness of these risks is the first step towards safe digital borrowing.

Smart Borrowing: Practical Advice for Gambian Consumers

To fully benefit from the convenience of digital loans while avoiding potential pitfalls, it is essential for Gambian consumers to adopt smart borrowing practices. Here are five practical recommendations:

1. Verify Licensing: Always ensure you are borrowing from a microfinance institution or bank that is duly licensed by the Central Bank of The Gambia. You can consult the CBG's official website for a list of licensed entities. This step is fundamental to ensuring your lender operates within legal and ethical boundaries.
2. Compare APRs and Fees: Do not simply take the first loan offer. Take the time to compare the Annual Percentage Rates (APRs) and all associated fees across different platforms. As demonstrated in our comparative overview, rates can vary significantly, impacting the total cost of your loan.
3. Read Terms Closely: Before accepting any loan, meticulously read and understand the entire loan agreement. Pay close attention to details regarding origination fees, late payment penalties, and any early-repayment fees. If anything is unclear, ask for clarification.
4. Limit Borrowing Amounts: While the CBG has a portfolio cap of GMD 200,000, it is advisable to keep your individual loan amounts below GMD 50,000 to manage your financial exposure and reduce the burden of high repayments. Borrow only what you genuinely need and can comfortably repay.
5. Protect Personal Data: Be vigilant about your personal information. Avoid loan applications that request excessive permissions on your phone, such as access to your contacts or gallery, beyond what is strictly necessary for Know Your Customer (KYC) verification. Your data privacy is paramount.

The digital lending market in The Gambia is a dynamic and evolving space. While it offers unprecedented access to credit, informed decision-making and responsible borrowing are key to harnessing its benefits safely. By understanding the market, knowing the key players, recognizing the regulatory framework, and following practical advice, Gambian consumers can confidently navigate the world of loan apps and leverage digital finance to their advantage.