Bayba Seized! Central Bank take’s possession to ensure sound management

The Central Bank of The Gambia announces for the information of the general public that acting under section 42 of the Financial Institutions Act (FIA) 2003 it has taken possession of Bayba Financial Services and Bayba Savings and Credit Company.

Under this arrangement, the Central Bank of The Gambia shall have full and exclusive powers of management and control with a view to ensuring that the two institutions operate in a sound manner.

The seizure comes into effect April 25, 2008