Traditional Banks - Gambia

Gambia

In 2024, the Traditional Banks market market in Gambia is expected to reach a projected Net Interest Income of US$0.63bn.
Among the market segments, Traditional Retail Banking is set to dominate with a projected market volume of US$0.32bn in the same year.
Looking ahead, the Net Interest Income is anticipated to experience an annual growth rate (CAGR 2024-2029) of 5.41%, resulting in a market volume of US$0.82bn by 2029.
When compared globally, China is expected to generate the highest Net Interest Income, reaching US$3,869.0bn in 2024.
Traditional banks in Gambia are facing stiff competition from mobile money services, as consumers increasingly opt for convenient and accessible digital banking solutions.

Key regions: Germany, United Kingdom, France, Japan, China

Definition:

The Traditional Retail and Commercial Banks 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. 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.
The traditional banking market is highly competitive and characterized by the presence of large global players as well as regional and local banks. These banks have a long history of serving customers and have established relationships and a deep understanding of the financial needs of their communities. They offer a wide range of services and are able to provide personalized advice and support to their customers.
In this market, banks are continually seeking ways to improve their offerings and remain competitive by leveraging technology and offering innovative financial products and services. However, they also face challenges, such as increased competition and changing customer preferences, which are driving the need for continuous improvement and adaptation.
Overall, the traditional retail and commercial banking market provides a wide range of financial services to both individuals and businesses through established, trusted channels and continues to play a vital role in the financial landscape.

Structure:

The market consists of two segments:
- The Traditional Retail Banks market refers to financial services provided to individual consumers (e.g., personal loans, savings and checking accounts, credit cards, mortgages).
- The Traditional Commercial Banks market refers to financial services provided to businesses, including small and large enterprises (loans, lines of credit, other financial products specifically designed for businesses).

The market data comprises Net Interest Income, the value of Deposits, the value of Loans, 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 and commercial banking market, creating opportunities for new entrants and forcing existing players to adapt.

Key players in this market are companies such as Industrial and Commercial Bank of China Ltd., JPMorgan Chase & Co., and HSBC Holdings.

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Analyst Opinion

The Traditional Banks market in Gambia has been experiencing significant growth and development in recent years.

Customer preferences: Customers in Gambia are increasingly turning to traditional banks for their financial needs due to the trust and reliability associated with these institutions. The preference for face-to-face interactions and personalized services offered by traditional banks remains strong in the country.

Trends in the market: One notable trend in the Traditional Banks market in Gambia is the expansion of banking services to rural areas. Traditional banks are making efforts to reach unbanked populations in remote areas through the establishment of brick-and-mortar branches. This trend is driven by the government's initiatives to promote financial inclusion across the country.

Local special circumstances: Gambia's relatively small population and geographic size present unique challenges and opportunities for traditional banks operating in the country. The close-knit communities in Gambia foster strong relationships between customers and bank staff, leading to a high level of customer loyalty. Additionally, the stable political environment in the country has created a conducive atmosphere for the growth of the banking sector.

Underlying macroeconomic factors: The steady economic growth and increasing foreign investment in Gambia have contributed to the expansion of the Traditional Banks market. As the economy continues to develop, there is a growing demand for banking services, including loans, savings accounts, and investment products. The government's focus on improving the regulatory framework and infrastructure also plays a crucial role in driving the growth of traditional banks in the country.

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.