Banking - Gambia

Gambia

In 2024, the projected Net Interest Income in the Banking market of Gambia is estimated to reach US$635.40m.
Traditional Banks are expected to dominate the market, with a projected market volume of US$628.10m in the same year.
The Net Interest Income is anticipated to demonstrate an annual growth rate (CAGR 2024-2029) of 5.39%, resulting in a market volume of US$826.30m by 2029.
When compared globally, it is noteworthy that China is expected to generate the highest Net Interest Income, amounting to US$4,332.0bn in 2024.
This showcases the significant contribution of the Chinese Banking market sector to the overall global market.
Gambia's banking sector is experiencing a surge in digital banking services, with mobile banking apps gaining popularity among the younger population.

Key regions: United States, China, Japan, Brazil, United Kingdom

Definition:

The Banking market refers to the financial services sector providing financial products and services to individuals and businesses. Retail banking focuses on offering financial services to individual consumers, such as personal loans, savings and checking accounts, credit cards, and mortgages. Commercial banking, on the other hand, provides financial services to small and large businesses, including loans, lines of credit, and other financial products designed specifically for businesses.

Structure:

The market consists of two segments:
- The Traditional Banking market refers to the financial services sector that provides a range of financial products and services to individuals and businesses through store-based branches and other traditional channels.
- The Digital Banking market refers to the emerging market for digital-only banks that offer financial services through online and mobile platforms.

The market data comprises Net Interest Income, Bank Account Penetration rate, the value of Deposits, the number of depositors, the value of Loans, the number of borrowers, Credit Card Interest Income, the number of ATMs as well as the number of Bank Branches.

Additional information:

The Banking market is highly competitive and characterized by the presence of large global players as well as regional and local banks. Banks are continually seeking ways to improve their offerings and remain competitive by leveraging technology and offering innovative financial products and services. Additionally, changes in regulations and the growing trend toward digitalization are shaping the Retail & Commercial banking market, creating opportunities for new entrants, and forcing existing players to adapt.
Key players in this market are companies such as the Industrial and Commercial Bank of China Ltd., JPMorgan Chase & Co., and HSBC Holdings.

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Analyst Opinion

The Banking market in Gambia has been experiencing notable developments in recent years.

Customer preferences: Customers in Gambia are increasingly looking for convenient and efficient banking services. With the rise of digital banking solutions, there is a growing preference for online and mobile banking options. This shift in customer behavior is driving banks in the country to invest more in technology and innovation to meet the changing demands of their customers.

Trends in the market: One key trend in the Gambian banking market is the growing competition among banks. As more players enter the market, banks are focusing on differentiation through personalized services, competitive interest rates, and innovative product offerings. This trend is not only benefiting customers with more choices but also pushing banks to enhance their overall service quality.

Local special circumstances: Gambia's small and open economy presents unique challenges and opportunities for the banking sector. The country's heavy reliance on agriculture and tourism means that banks need to tailor their services to support these key industries. Additionally, the high levels of informal economic activities in Gambia pose challenges in terms of financial inclusion, prompting banks to develop strategies to reach unbanked populations.

Underlying macroeconomic factors: The stability of the Gambian economy plays a crucial role in shaping the banking market. Factors such as GDP growth, inflation rates, and government policies directly impact the banking sector's performance. As the economy continues to grow, banks are presented with opportunities to expand their services and reach new customer segments. However, external factors such as global economic conditions and regional stability also influence the overall growth and development of the banking market in Gambia.

Methodology

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on Net Interest Income, Bank Account Penetration rate, the value of Deposits, the number of depositors, the value of Loans, the number of borrowers, Credit Card Interest Income, the number of ATMs as well as the number of Bank Branches.

Modeling approach / Market size:

Market sizes are determined by a combined Top-Down and Bottom-Up approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use data provided by the IMF, World Bank and the annual reports of the top 1000 Banks by asset size. Next we use relevant key market indicators and data from country-specific associations such as GDP, deposit interest rates, lending interest rates or bank account penetration rates. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, the S-curve function and exponential trend smoothing are well suited to forecast financial services for digital as well as traditional products and services.

Additional Notes:

The market is updated twice per year in case market dynamics change.