FirstBank

In The Gambia's evolving financial landscape, access to credit plays a vital role in personal advancement and business growth. Among the institutions striving to meet this demand, FirstBank Gambia stands out as a significant player. Originating as International Commercial Bank Gambia in 2005, it was fully acquired by First Bank of Nigeria Limited in 2013 and subsequently rebranded. This strategic move integrated a respected local entity into the broader FBN Holdings Plc, a financial services group with a strong regional footprint. Today, FirstBank Gambia operates a universal banking model, extending its services beyond basic accounts to a comprehensive suite of lending products for retail clients, small and medium-sized enterprises (SMEs), and larger corporate and institutional clients. Its presence, particularly within the Greater Banjul Area, underscores its commitment to fostering economic participation among Gambians.

FirstBank Gambia's Diverse Lending Portfolio

FirstBank Gambia offers a meticulously structured portfolio of loan products, each designed to address specific financial needs. Understanding the nuances of these offerings is crucial for any potential borrower in The Gambia.

Personal Lending Solutions

• Personal Loan Against Salary (PLAS): This popular facility caters to salaried individuals, providing sums ranging from GMD 20,000 to GMD 500,000, approximately USD 350 to USD 8,700. Repayment terms can extend up to 48 months, with deductions directly from the borrower's salary. The estimated annual interest rate (APR) typically falls between 18% and 24%. A key advantage is the absence of tangible collateral, relying instead on salary domiciliation. Borrowers should anticipate an origination fee of 1% to 2% of the loan amount and a late fee of 5% on overdue balances.
• Salary Overdraft (SODA): For short-term liquidity needs, the SODA allows eligible individuals to access up to 40% of their monthly salary. With estimated APRs between 15% and 20%, this product is structured for very brief periods, either a 30-day one-off arrangement or a 90-day revolving facility. It requires a salary account with FirstBank Gambia and incurs an overdraft fee of 1%.

Business and Institutional Financing

• Secured Overdraft (SME): Tailored for small and medium enterprises, this facility provides funding from GMD 100,000 to GMD 2,000,000 (approximately USD 1,740 to USD 34,800). The estimated APR ranges from 16% to 20%, and the facility is renewable annually, with interest charged only on the drawn balance. It is secured by liquid collateral, such as a term deposit.
• Invoice Discounting Facility: Businesses can leverage their receivables with this product, accessing up to GMD 5,000,000 (around USD 87,000). With estimated APRs of 14% to 18%, the tenor is typically 90 days, requiring the assignment of receivables as collateral.
• Local Purchase Order (LPO) Financing: Designed to facilitate contract execution, LPO financing offers up to GMD 5,000,000 (about USD 87,000). The estimated APR ranges from 15% to 19%, with the tenor aligning with the purchase order execution cycle. It requires the assignment of purchase orders as security.
• Import Duty Finance: This product supports importers, covering duties from GMD 200,000 to GMD 3,000,000 (approximately USD 3,480 to USD 52,200). The estimated APR is between 13% and 17%, with a tenor of up to 180 days, secured by import documents or a letter of credit.
• FirstEdu (Educational Institutions): Catering to the unique needs of schools and educational bodies, FirstEdu provides up to GMD 10,000,000 (around USD 174,000) at an estimated APR of 12% to 16%. The tenor can extend up to 24 months, with repayments aligned to the school fees cycle and domiciliation of the school's account with FirstBank.
• Contract Financing: For larger-scale projects, contract financing is customized based on the contract value, with estimated APRs of 14% to 18%. The loan duration mirrors the contract duration, secured by the contract assignment itself.

It is important to note that while these interest rate ranges are inferred from regional benchmarks, the exact Annual Percentage Rates (APRs) may vary based on individual customer risk profiles and are not publicly disclosed in precise terms. Borrowers are always advised to seek specific quotations.

Application Process, Digital Channels, and Customer Experience

FirstBank Gambia strives to make financial access convenient through a blend of digital and traditional channels, reflecting its commitment to a modern banking experience in The Gambia.

Streamlined Application and Onboarding

Potential borrowers can initiate their loan applications through several avenues. The FirstBank Gambia Mobile App, available on both iOS and Android platforms, offers a "Do-It-Yourself" enrollment feature. This digital onboarding allows users to upload identification, take a selfie, and provide personal details, all verified via mobile One-Time Passwords (OTPs). For those who prefer a physical presence or require more complex services, FirstBank maintains four branches within the Greater Banjul Area, with strategic plans for expansion into rural regions. At branches, a full paper-based Know Your Customer (KYC) process is available, requiring proof of identity, address, and source of funds.

FirstBank employs proprietary credit scoring models that incorporate data from credit bureaus, salary domiciliation details, and transactional history. For SME and corporate facilities, collateral valuation also plays a significant role in the underwriting process. Loan disbursements are efficiently handled through instant bank transfers to FirstBank accounts, mobile money wallets such as QMoney and Africell Money, or traditional cash pickup at branch counters, offering flexibility to borrowers.

Mobile App and Digital Reach

The FirstBank Gambia Mobile App is designed to be a central hub for banking activities. It enables account opening, balance inquiries, transfers between accounts and to other banks, beneficiary management, device management, and access to transaction history, all secured with biometric login options. While the Android version boasts over 5,000 downloads with a 4.0-star rating on the Play Store, indicating generally positive user feedback on convenience, reports suggest occasional performance issues, particularly on the Apple App Store, with some users noting difficulties with sign-in stability. The bank's website complements the app, offering internet banking, e-statements, bill payments, and a detailed product catalog. Its active LinkedIn presence with over 8,000 followers further extends its digital footprint.

FirstBank Gambia serves an estimated 50,000 customers, encompassing students, salaried workers, SMEs, and corporates. Its current branch network covers key urban centers, but the planned expansion into rural areas, coupled with partnerships with telecommunication companies for agent banking, signals a push for broader financial inclusion across the nation.

Regulatory Standing, Market Position, and Practical Borrower Advice

Understanding FirstBank Gambia's regulatory environment and market standing provides crucial context for potential borrowers. This section also offers practical advice to navigate the lending process effectively.

Regulatory Compliance and Market Presence

FirstBank Gambia is a fully licensed and regulated entity, operating under the strict oversight of the Central Bank of The Gambia, in accordance with the Banking Act. It adheres to rigorous capital adequacy, liquidity, and Cash Reserve Ratio (CRR) requirements, demonstrating a robust Capital Adequacy Ratio (CAR) of approximately 17.9% in 2023. The bank maintains strict compliance with Anti-Money Laundering (AML) and Counter-Financing of Terrorism (CFT) regulations, alongside comprehensive customer due diligence and transaction monitoring. Notably, there have been no public penalties or enforcement actions reported against FirstBank Gambia, reinforcing its commitment to sound financial practices. The bank's privacy policy is fully aligned with The Gambia Data Protection Act, ensuring customer data protection. For consumer protection, FirstBank Gambia is committed to transparent disclosure of fees and interest rates and provides clear channels for grievance redressal through its Customer Care Centre and the Central Bank Ombudsman mechanism.

In The Gambia's competitive banking sector, FirstBank Gambia has carved out a significant niche, holding an estimated 12% market share and ranking among the top six banks by assets. Its major competitors include Trust Bank, Gambian Finance & Trust, Skye Bank, and QBank. FirstBank differentiates itself through the strong backing of its parent bank, First Bank of Nigeria, its emphasis on a digital-first approach to banking, a diversified product suite, and an extensive international correspondent network. Its growth strategy includes further branch expansion, particularly into underserved rural areas, and the ongoing rollout of agency banking and merchant acquiring solutions through partnerships with mobile money providers like QMoney and Africell Money, as well as global remittance partners.

Customer reviews, particularly on Google Play, often praise the mobile app's convenience, though calls for stability improvements are common. On the Apple App Store, some users have reported performance issues, such as getting stuck on the sign-in screen. Common complaints also include occasional app glitches, slow load times, and delays during peak branch hours for KYC processes, alongside charges on inactive accounts. FirstBank Gambia offers a 24/7 call center and email support, with a high resolution rate for basic inquiries and escalations handled within five business days. Financially, the bank reported gross revenue of GMD 180 million (USD 3.1 million) and a net profit of GMD 25 million (USD 430,000) in 2023, with a Return on Equity (ROE) of 12.5%. Its loan portfolio stood at GMD 400 million (USD 6.8 million), with a Non-Performing Loan (NPL) ratio of 4.2%, well within the regulatory limit of 5%. The default rate on retail loans was approximately 3.8%, and 4.5% for the SME portfolio, supported by an 80% provision coverage ratio.

Practical Advice for Potential Borrowers

For any Gambian considering a loan from FirstBank Gambia, careful preparation and due diligence are paramount:

• Thoroughly Understand Terms: Always inquire about the exact interest rate (APR), all associated fees (origination, processing, late payment), and the full repayment schedule. Ensure clarity on whether these are fixed or variable.
• Assess Eligibility Critically: Before applying, confirm you meet all minimum requirements for your chosen loan product, particularly regarding salary domiciliation for personal loans or collateral for business facilities.
• Evaluate Digital Tools: If you plan to use the mobile app for applications or management, download it and test its basic functionality on your device to ensure a smooth experience. Be aware of reported performance issues.
• Prepare Documentation: Have all necessary KYC documents ready, whether for digital upload or submission at a branch. This includes valid identification, proof of address, and evidence of income or business activity.
• Compare Wisely: While FirstBank Gambia offers competitive products, it is always prudent to compare its offerings with those of other financial institutions in The Gambia, such as Trust Bank or QBank, to ensure you secure the most favorable terms.
• Understand Repayment Obligations: Be fully aware of your repayment schedule and the consequences of default, including potential fees and impact on your credit history. automated salary deductions for personal loans require careful budgeting.
• Utilize Customer Service: Do not hesitate to contact FirstBank's 24/7 call center or visit a branch if you have any questions or require clarification on any aspect of their loan products or application process.

By approaching the borrowing process with knowledge and careful consideration, individuals and businesses in The Gambia can effectively leverage FirstBank Gambia's financial services to meet their objectives and contribute to their economic prosperity.