Trust Bank acquires 100% ownership of Bayba Money Transfer

New GM of Bayba, Mr Bojang

Trust Bank Gambia Limited has finally acquired 100% share capital of Bayba Financial Services Limited after a rigorous bidding process that started in 2010.  

Bayba is a money transfer company which commenced operations in The Gambia in 2007 and specialises in cash remittances.  Bayba is said to have the exclusive rights with Bayba UK for the transfer of money inter alia between the UK and The Gambia.

Bayba Gambia was a subsidiary of Bayba (UK), which is a wholly owned subsidiary of Small World Financial Services Ltd; the third largest money transfer company in Europe after Western Union and MoneyGram.

Since the Central Bank of The Gambia put Bayba on offer, following financial mismanagement at the company, many bidders, both local and international, bid for it but Trust Bank Gambia Limited emerged the successful bidder due to the bank’s track record in the banking sector and financial market of the country and beyond.

Trust Bank is said to have acquired the entire share of Bayba for D8.5M (US$300,000) which was paid in cash. The Deed of Sale for the purchase of the shares was signed on 30 December 2010 and following a transition period of 90 days from the date of signature, the bank has now assumed full control and responsibility for the management of Bayba.

“The acquisition of Bayba is in fulfillment of Trust Bank’s objective to stretch, grow and diversify its income source,” said the board chairman of Trust Bank, Ken Ofori-Atta, adding: “We will use this new resource to help support businesses and the Bank’s social development.  Trust Bank will continue to search for good opportunities for growth and expansion either through organic or mergers and acquisition opportunities.”

“Barely 6 months under the new ownership, Bayba is in position to become the most progressive money transfer company in the country,” said Lamin Bojang, the current general manager of the Bayba, who was until his current appointment the senior manager in the treasury and finance development department of Trust Bank.

“Robust and highly sophisticated software is already installed,” Mr Bojang, who has nearly 30 years banking experience, said.   He explained that Bayba has now doubled its networks and opened new pay points in Trust Bank’s provincial branches at Basse, Farafenni, Soma and Barra, and plans are at advanced stage to open more outlets before the end of the year.

Bayba under the stewardship of Trust Bank “will provide the highest level of service to the broadest selection of people at the most competitive prices”.

Mr Bojang also said Trust Bank plans to grow Bayba into a household name by infusing the professional and service delivery culture that it (Trust Bank) is well known for, into Bayba.

The acquisition of Bayba by Trust Bank will create a valuable and reliable source for forex and cash remittance as well as help to stabilize the flow of foreign currency into the country.