Olumuyiwa Eleazar Ogunmilade, the managing director of the new entrant into The Gambia’s Banking Industry, Oceanic Bank (Gambia Limited), has stated that the bank made the right choice in coming to The Gambia.

The 42-year old Nigerian Banker, who holds a bachelors degree in Political Science and a Masters in Finance was speaking to Business and Finance in his office in Kololi.

“Before coming to The Gambia, we looked at many things. Yes, it is a small country but there were many things that attracted us here,” he said.

One of this, he said, was the issue of political stability.

“Despite the diversity of ethnicity, the country is still stable. In fact, it is one of the most stable countries in West Africa,” the veteran banker declared.

The high level of religious tolerance in the country also drew praise from Ogunmilade.

“Though The Gambia is a largely Muslim country, it is the only country that I have gone to where Muslims and Christians live happily together, side by side,” he explained.

He highlighted the country’s track record in managing corruption as another factor responsible for their coming to the country.

“We also found out from Transparency International and other world statistics that it is the third least corrupt in Africa,” he revealed adding “these are the things that made us decide to come to this good country before going to a bigger country”.

According to him, the decision to come to the country has most certainly been justified based on what they have experienced so far.

“So far, everything has been fantastic for us. We got our license here and nobody said to us “Bring one butut before we sign this”. I have not gone to any place where they said: “If you don’t give us ten thousand dalasis, we will not do this or that”. Never! So for me, we chose right,” the obviously pleased banker enthused.

The banker, who is married with two children, comes from a family of four children and is the last child and only son of his parents. Speaking about how he became a banker, he had this to say: “I did not choose banking. However, I did not get into banking either by mistake or coincidence. I believe it is something that God ordained”.

He revealed that after finishing his schooling, he worked in the construction industry in Nigeria before he was encouraged to enter the banking industry by an uncle. The said uncle had a friend who owned a financial services institution and it was here that the 42-year old’s banking career was launched.

Dilating further on his banking career, he described joining Oceanic Bank – which is among the top three banks in Nigeria – as the highpoint of his career.

The Oceanic Bank MD finally told the general public to expect a lot of things from his highly committed and motivated team, which boasts many innovative and experienced people such as Ebou Waggeh, a veteran media practitioner.

But in a situation where industries lack competition, consumers would not enjoy any good products and services from the various providers.

To be precise, our discussion centres on the initiative of ECOBank, Gambia-Limited, who yesterday gave out prizes to four students as winners of the bank’s ‘Retail Week Offer’.There is no doubt that the bank has distinguished itself as one of the few banks in the country that have set up a retailed week scholarship fund for students. Our contention is that successful businesses in the banking industry or anywhere ought to donate some of their profits to deserving, indigent students, and give them a chance to acquire higher education in order to improve their lot in life.

Excellence, as many would say, is doing something so well that nobody can fault it. Seen in this light, the quest for excellence calls for high proficiency coupled with discipline, diligence and dedication.

As indicated by the bank’s head of Corporate Affairs during the presentation yesterday, students should make excellence their way of life.

In an emphatic way, ECOBank is in a way helping students go for higher education to prepare for the future and at the same time prepare them to be proficient, dedicated, disciplined and diligent persons.

It is however important for such a gesture from Ecobank to be seen as a challenge and a call to look inwards and put the interest of customers on top of priotities in businesses.

We have to know that as much as it is our burning desire to succeed in whatever form of business, it should be backed by efforts and commitment that can put us on the path of progress and prosperity. There is no other way out.

“The roots of education are bitter, but the fruit is sweet”.

Aristotle

The 2008 exposition on project financing and banking organised by the Gambia Chamber of Commerce and Industry in collaboration with the International Finance Corporation ended at the Paradise Suites on Saturday amidst a rousing success.

The exposition, which draw audience from the banking and finance sector in the Gambia, and from the international and regional financial institutions, was geared towards providing a platform for exchange of views and information on banking opportunities in The Gambia and abroad.

The three days forum, on the theme: Financing for Development-Accessing Information for Funding centered discussions on banking and financial industry concerns and SMEs access to Finance, to promote the development of private businesses, especially the Small and Medium Enterprises.

Also part of the deliberations were to provide information to the private sector on how to access financing for projects, to showcase the latest solutions, products and technologies in banking and financial services, provide a platform for joint ventures among others.

The exposition held at the Paradise Suites hotel also witnessed the presentation of a report by a consultant based on a survey made on all banks and financial institutions in the Gambia to bring about issues and constraints about the Gambia’s banking and financial sector among other issues.

Speaking at the opening ceremony, Mr. Bai Matarr Drammeh, President of The Gambia Chamber of Commerce and Industry (GCCI) said the chamber as the business support service institution in The Gambia, has reoriented its strategy to discharge its mandate as a service-oriented institution.

“I wish to state that the Gambia Chamber of Commerce and Industry is aware of the fact that the Government of the Gambia continues to give priority to private sector development as the engine of growth and development”, he said.

For her part, Mrs. Ida Gaye, Permanent secretary, State Department for Finance and Economic Affairs, said the gathering could not have come at a better time when advanced economies are facing credit crises leading to spill-over effects in developing nations.

She noted that the Government of the Gambia in its quest to eradicate poverty continues to develop sound macroeconomic tools and policies in order to hedge the most vulnerable of people from its devastating impacts.

In its drive to bring banking services to the living rooms of each and every Gambian, Reliance Financial Services, the first non-banking financial institution in the country, on Wednesday inaugurated a new office complex in Churchill’s Town.

Situated at the New Plaza Building just stone’s throw from the new mosque in Serrekunda, the opening of the new office was hailed by many who described it as an indication of Reliance’s commitment to providing unrivalled financial services to Gambians.

Being a very economically active and at strategic location, the new Churchill’s Town branch manifests a fulfilled promise made by Reliance to making banking and international remittance services available to all Gambians.

In his inaugural statement read on his behalf by Momodou Jaiteh, Councillor of Kololi Ward, Yankuba Colley, Mayor of the Kanifing municipality, described Reliance’s move as ‘very’ central to government’s development agenda and in particular, The Gambia under the leadership of President Jammeh.

“ While it is a common knowledge that these small, medium and micro enterprise traders are extremely hardworking individuals, it has been realised that major constraints to their growth and development in accessing basic financial services like loans, insurance and remittance services and the all important business development training are lacking,” he said.

The presence of Reliance in Churchill’s Town, Mayor Colley went on, is very re-assuring, while encouraging the management of Reliance not to be complacent until there is a financial institution in every part of the country.

Delivering the vote of thanks, Mr Baboucarr Khan, Reliance’s Chief Pioneer Executive Officer, expressed his company’s resolve to bring financial services to the doorsteps of each and every Gambian.

In Mr Khan’s view, the provision of value-added and unrivalled services is part of Reliance’s vision and mission.

Assan O. Jallow, Chief Credit Officer and Head of Risk and Compliance, delivered the welcome remarks while Isatou Jarra, Officer-in-Charge of Churchill’s town office.

Among the services offered by Reliance Financial Services include the opening and managing, Western Union money transfer services, business loan facilities, foreign exchange and Business Development Advisory Services.

A delegation of three top brass officials from the Guaranty Trust Bank (GT Bank), The Gambia Ltd, on 22 February paid a courtesy call on the Daily Observer Company Ltd in Bakau.

The bank officials comprised Mama Fatima Singhateh, company secretary and legal adviser, Babou Gai, corporate officer, and Mr Tijan Conteh, head of public sector group.

The group was received on arrival by Mr Andrew Dacosta, the Deputy Managing Director, on behalf of Mr Dida Halake, Managing Director and Editor-in-chief of the Daily Observer Company Ltd.

The visit was part of efforts meant to strengthen the already existing cordial relationship between the two institutions.

It was also meant to introduce the Bank’s newly appointed corporate affairs officer and to present a small parcel of gift to the Daily Observer, in recognition of their invaluable contribution towards national development, especially their relationship with GT Bank,The Gambia Ltd, among others, said Mama Fatima Singhateh.

Tejan Conteh, head of public sector group, spoke at length on the bank’s aims and objectives. “We are taking the banking level to an extra mile and we as well value our customers very much,” he said.

Babou Gai, corporate officer, briefed the Daily Observer deputy managing director on the bank’s adoption of a family house at the SOS children’s village in Bakoteh. According to him, the adopted family house cost $8,500 per year which is inclusive of expenses such as paintings, feeding and clothing of the children as well as school fees, among others.

“This gesture is part of the bank’s social responsibilities,” he said.

For his part, Andrew Dacosta, DMD of the Daily Observer, assured the bank officials of his company’s readiness to work with them at all time.

He spoke at length on what he called the long-standing relationship between the two institutions, touching on many facets of corporate relationship and other aspects of life.

He took the visiting officials on a conducted tour of the various departments of the Daily Observer to expose them to the operations of the country’s leading newspaper company.