By Binta Jaiteh
Diaspora remittances to The Gambia reached $872.85 million in 2025, marking an increase of $54.42 million compared to 2024, as the country continues to leverage these inflows for economic growth and resilience.
The figures were highlighted by Ida Fye, representing the Governor of the Central Bank of The Gambia (CBG), during the ninth Stakeholders National Forum (SNF9) organized by GK Partners in collaboration with the Office of the President.
“Remittances have shown steady growth over recent years. It is important to note that these figures represent remittances sent through formal channels,” Fye said.
According to the CBG, diaspora remittances account for over 30 percent of the national Gross Domestic Product (GDP), underlining their critical role in national development. The growth is attributed to both an increase in the volume of funds sent and greater reliance on formal financial channels.
“While we commend the diaspora for their continued support to families and the country, we encourage further use of formal channels for efficiency, ease of access, and record-keeping,” she added. “The Central Bank remains committed to collaborating with relevant stakeholders to address challenges in financial services and access to finance.”
Fye noted that in a global environment marked by uncertainty, remittance flows have remained remarkably resilient, providing a dependable source of foreign exchange. These funds enhance household welfare, supporting consumption, education, healthcare, and other critical needs, while contributing to poverty reduction, social stability, and productivity.
She emphasized the Central Bank’s responsibility to ensure remittance flows are safe, efficient, transparent, and affordable, noting that reducing transaction costs, promoting competition among service providers, and encouraging formal channels remain key policy priorities.
“To maximize the economic impact of remittances while safeguarding financial integrity, the Central Bank has established a Fintech and Forex Bureau Supervision Department. This aims to foster healthy competition, safeguard the financial system, and ensure efficient fund flows. We continue to promote innovation and cost-effective access to finance, aligned with government financial inclusion strategies,” Fye said.
She further disclosed that the CBG has collaborated with the Ministry of Finance in issuing Retail Payment Services Regulations in 2023, supporting the licensing and regulation of electronic money service providers, which has expanded access to financial services. “Additional regulatory guidelines will be issued to encourage innovation while ensuring sector safety and sustainable growth,” she added.
Fye concluded by appreciating the diaspora community for its ongoing commitment to national development, describing remittances as a key driver of investment, economic growth, and sustainable development.