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njucks
Gambia
1131 Posts |
 Posted - 17 Oct 2006 : 00:10:13
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The Gambia Post Office (est.1858) is online with a very informative website.
Furthermore they offer financial services like a Savings Account with a miminum opening amount of D200!
Every gambian should open one
www.gampost.gm
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jambo
3300 Posts |
Posted - 17 Oct 2006 : 14:00:22
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fabulous, i followed the link and it looks great, i will speak to one of my families this could be a big help to them. the fact that they have brances in farafenni, is a big, big plus, kariba avenue is good, i hate sending people into banjul al the time. I am happy  |
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njucks
Gambia
1131 Posts |
Posted - 17 Oct 2006 : 18:52:39
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Jambo
i'm quite please about it too and hope that this will grow to other financial services like money transfers, handling remittances (e.g Western Union) too. i was reading about the Postal Saving in the UK and why it was setup to offer opportunities to people outside the banking system.
next time i'm in the gambia i will open an account. |
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Ousman
USA
103 Posts |
Posted - 18 Oct 2006 : 20:12:46
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| Are the deposits insured? The post office is one of the government's cash cows. Their site isn't telling me what guarantees if any that depositors are entitled to. Maybe I need to do some more digging, but Continent Bank at one point left their customers holding the bag. If the post office doesn't insure deposits, I would rather deal with standard chartered, knowing I could sue the parent company in the Uk to get my money back. However I got to admit the idea is tempting. |
http://Gambian.blogspot.com |
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njucks
Gambia
1131 Posts |
Posted - 18 Oct 2006 : 20:47:50
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Ous,
i understand your concern but the government can never go bankrupt. that will never happen. private banks can, atleast thats the evidence from the last 40yrs since Independence.
but the point you raised is about risk, i dont think any local bank insures against deposits, (so the Post Office would carry the same risk) otherwise our insurance market would have been booming.Infact i'm sure you would agree with me that more Insurance companies have gone bankrupt than banks.
also you can sue anybody including the government, but you cannot sue Standard bank in the UK for deposits in The Gambia. the two companies are different. SCB UK are just shareholders in SCB Gambia Ltd. it sound reassuring but it would be thrown out of court on day one.
anyway i cannot speak for the postoffice but i do know that most banks have a very high minimum opening requirement and this has made many people to shy away from the formal banking system.
poeple outside the market will never benefit from market solutions |
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Ousman
USA
103 Posts |
Posted - 18 Oct 2006 : 21:02:26
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Njucks wrote:
i understand your concern but the government can never go bankrupt.
If the government is running a budget deficit year in year out, they are technically bankrupt. But that is playing semantics with what you are saying. I understand where you coming from. Thanks for making the banking rules clear to knuckleheads like yours truly. Needless to say it is not my strongest forte.
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http://Gambian.blogspot.com |
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kondorong
Gambia
4380 Posts |
Posted - 18 Oct 2006 : 21:27:42
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quote:
Originally posted by Ousman
Are the deposits insured? The post office is one of the government's cash cows. Their site isn't telling me what guarantees if any that depositors are entitled to. Maybe I need to do some more digging, but Continent Bank at one point left their customers holding the bag. If the post office doesn't insure deposits, I would rather deal with standard chartered, knowing I could sue the parent company in the Uk to get my money back. However I got to admit the idea is tempting.
Standard Chartered Gambia is different from Standard Chartered UK. Each is a separate legal entity. You cannot encroach on the assets of the UK office to pay for liabilities in the Gambia.
The postal Savings Account is very old. Unfortunately, it was not fully publicised. It used to be very popular with civil servants during the colonial period and lost to competition from new banks. |
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LEMON TIME
Afghanistan
1295 Posts |
Posted - 18 Oct 2006 : 21:54:59
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| Thats True the Gambis post office had savings account since Colonial days,Take it from KONDORONG he been around for ages. |
There is no god but Allah |
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kondorong
Gambia
4380 Posts |
Posted - 18 Oct 2006 : 23:03:25
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quote:
Originally posted by LEMON TIME
Thats True the Gambis post office had savings account since Colonial days,Take it from KONDORONG he been around for ages.
Lemontime, i am just a young lad. However, balance sheet of the Postal Savings Accounts used to be part of the Finance Minister's Budget Speech to parliament. |
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kayjatta
2978 Posts |
Posted - 18 Oct 2006 : 23:19:53
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In the U.S. most banks or financial institutions are federally insured atleast up to 25,000 dollars (I think).
This is a very important decision tool for consumers of banking services.
Maybe financial institutions in the Gambia needs to have some form deposit insurance either with the government or otherwise (if not already). It encourages investments which is healthy for the economy in general , i guess. |
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kondorong
Gambia
4380 Posts |
Posted - 19 Oct 2006 : 00:38:58
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quote:
Originally posted by kayjatta
In the U.S. most banks or financial institutions are federally insured atleast up to 25,000 dollars (I think).
This is a very important decision tool for consumers of banking services.
Maybe financial institutions in the Gambia needs to have some form deposit insurance either with the government or otherwise (if not already). It encourages investments which is healthy for the economy in general , i guess.
They are insured up to US$100,000.00 |
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LEMON TIME
Afghanistan
1295 Posts |
Posted - 19 Oct 2006 : 15:34:00
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| AS i sAid before KONDORONG has been on the Planet for Many years now,very Short with white long beard.Wow $100,000.00 thats lots of BAHA. |
There is no god but Allah |
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jambo
3300 Posts |
Posted - 19 Oct 2006 : 18:48:38
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$100,000.00  that will cover my deposit thank you |
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kondorong
Gambia
4380 Posts |
Posted - 19 Oct 2006 : 18:52:13
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| Its called the FDIC insurance. Check your banks to know what is the limit on savings. If you have savings more than that in an account, its advisable to open other accounts to cover your savings. |
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LEMON TIME
Afghanistan
1295 Posts |
Posted - 20 Oct 2006 : 02:34:10
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| I will open two accounts one in Yoro bawol another in Sutukunding. |
There is no god but Allah |
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jambo
3300 Posts |
Posted - 20 Oct 2006 : 10:55:42
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Is there a minimum deposit, is there a charge for withdrawals, this is great  |
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