Discusses the most common methods of payment, such as open account, letter of credit, cash in advance, documentary collections, factoring, etc. Includes credit-rating and collection agencies in this country. Includes primary credit or charge cards used in this country.
Last Published: 4/12/2019

Most commercial banks in The Gambia provide trade finance instruments such as letters of credit.  These letters of credit usually need confirmation by a US commercial bank.  However, since the cost of financing is generally high, bank-intermediated trade finance is not as common as in other countries.  Open account arrangements for cross-border transactions are rare since there are only a few Gambian distributors, many of which are not known internationally.  Consequently, many Gambian importers pay exporters directly before delivery. Unless there is a pre-existing relationship with a Gambian distributor, an open account arrangement is not recommended.  US exporters are advised to use letters of credit or demand pre-payment. All major credit and charge cards are used in The Gambia, including Visa and MasterCard.
 

Prepared by our U.S. Embassies abroad. With its network of 108 offices across the United States and in more than 75 countries, the U.S. Commercial Service of the U.S. Department of Commerce utilizes its global presence and international marketing expertise to help U.S. companies sell their products and services worldwide. Locate the U.S. Commercial Service trade specialist in the U.S. nearest you by visiting http://export.gov/usoffices.