Bridging the gap in financial consumer protection: Independent audit and oversight mechanisms for bank customers in the Gambia

In today's rapidly evolving banking landscape, protecting financial consumers has become crucial for building trust and stability in the banking sector. Unfortunately, bank customers in The Gambia often find themselves without reliable options when they need to challenge questionable charges or resolve account disputes. While the Central Bank of The Gambia (CBG) and the Gambia Competition and Consumer Protection Commission (GCCPC) exist, customers typically face an uphill battle seeking justice through expensive court proceedings. My study takes a fresh look at these challenges through the lens of institutional and principal-agent theories, highlighting five key problems: the absence of independent account auditing, weak dispute resolution options, poor financial education among consumers, missing consumer advocacy groups, and a lack of transparency from regulators. By examining success stories from Nigeria, Kenya, and South Africa, this paper offers practical solutions to strengthen consumer protection in The Gambian banking sector. My findings point to the urgent need for reform and suggest concrete steps going forward, including creating a financial ombudsman office and boosting financial literacy programs.