Feb 132012
 
Banjul, capital of the Gambia

Banjul, capital of the Gambia

By W.H.A.| SpeedyPay.info

I received the following inquiry from a reader:

sainabou badjie wrote:

I would like to know which bank to contact here in the USA to start a money transfer business in the Gambia with customers who receive their money in the Islamic bank locations.

Answer:

The sole Islamic bank operating in Gambia is theĀ Arab Gambian Islamic Bank, with five branches in Gambia. However, I don’t think it makes much of a difference whether customers receive their money in an Islamic bank or not. I know that Gambia is majority Muslim and that Islamic law prohibits interest. But money transfer services do not normally involve any payment of interest.

Here are the money transfer services operating in Gambia. I’d suggest that you look into these services and see how they work, and who their USA partners are. Many of them are independent money transfer agencies and all you would have to do is register with them as an agent and meet their financial requirements and training requirements.

A money transfer service is a good business to start in the third world, as the barriers to entry are fairly low. One can start such a business with a minimal investment.

Gambia Money Transfer Companies

Western Union Money Transfer
The largest international network of all the money transfer companies with many agent bank collection points with online wire transfer services available to West Africa.

Moneygram
Send money to Gambia from 180 countries around the world. Moneygram have agents in Banjul & Kairaba Avenue.

Ria Financial Services
Send money transfers from the Americas, UK, Spain, France, Italy & Australia to The Gambia through the Arab Gambian Islamic Bank [AGIB].

Bakadies International
Money remittance services from Peckham (Hill St.), South East London and the Agora Shopping Centre, Rye Lane, to the West African countries of The Gambia, Sierra Leone, Ghana & Guinea.

Coinstar
It has a large international branch and agent network in over 120 countries in 65,000 service outlets from Afghanistan to Zimbabwe. Their agent in Banjul & Serrekunda is the International Commercial Bank.

Gmex
With offices in Serrekunda, London & Birmingham. Claims it offers the better rates, with an easy way to transfer funds to Banjul. The recipient can apparently collect within 10 minutes.

Julakunda Express Gambia LLC
Julakunda is a registered, bonded, and licensed money transfer service for Gambians in the United States to their families and loved ones back home. They aim to provide a safe, reliable, and trusted service with a guaranteed next day delivery. Just call their main office Washington or one of their service agents.

Fundex
International money transfer services from the US States of Maryland & Virginia to Gambia. Fundex also makes it possible to send money from The Gambia to the US.

Gamdirect Money Services LLC
A US based service with branches in Seattle, Kentucky & Banjul.

JFin Money Transfer
Send money remittances to Gambia from the UK or Scandinavia. JFin also operates a forex bureau dealing in all the major currencies worldwide.

Jarnor
Situated in Birmingham with the local collection point at Serrekunda.

Leigh Direct, LLC
Leigh Direct is licensed money service business operating in the state of Washington and Maryland. Their main activity is remittances between USA and The Gambia. They have agents’ offices in Seattle, Silver Spring (Maryland), Kanifing, Brikama, Basse, Farafenni, Soma, Bansang and Jareng.

Malam Money Transfers
Money remittances from London [UK] to The Gambia or Senegal.

Money Express Ltd.
Established by the Senegalese Group CHAKA and works in Banjul through the Arab Gambian Islamic Bank. Some countries covered includes Gambia, Sierra Leone, Ghana or other West African countries.