{"id":7670,"date":"2019-07-25T14:22:33","date_gmt":"2019-07-25T14:22:33","guid":{"rendered":"https:\/\/www.openbusinesscouncil.org\/?p=7670"},"modified":"2020-11-20T13:32:19","modified_gmt":"2020-11-20T13:32:19","slug":"how-fintech-can-help-financial-inclusion-in-west-africa-mauritania","status":"publish","type":"post","link":"https:\/\/www.footballthink.com\/how-fintech-can-help-financial-inclusion-in-west-africa-mauritania\/","title":{"rendered":"How FinTech Can Help Financial Inclusion In West Africa Mauritania"},"content":{"rendered":"
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How FinTech Can Help Financial Inclusion In West Africa Mauritania<\/figcaption><\/figure>\n

In Mauritania, in West Africa, access to basic financial services isn\u2019t easy at all, and approximately 70% of the total population of 4.3 million (approx) don\u2019t even have a basic current account. However, the current government is really keen to improve the financial inclusion of their citizens. And FinTech companies, as a matter of fact, are the ones that should be seek here as they hold the key to cheap, accessible and safe banking, with little fees to pay and almost no infrastructure to account for.<\/p>\n

In fact, one first crucial step has been already done by Mauritania, where\u00a0mobile phone penetration reached 92.2% of the total population<\/a> in 2017, according to the World Bank, 9.69% more than in the previous year. Moreover, population penetration of 3G is relatively high compared to other African countries. Mauritanians have mobile phones and internet connection, the two basic requirements for Fintech to be introduced.<\/p>\n

With this already sorted, it is the moment when the Government must step in and act. As such, the country has started, through its National Central Bank (Banque Centrale de Mauritanie, BCM) a series of reforms that might speed up things a little bit. First off, they have just undertaken a massive monetary reform, with the release of new polymer-based notes and a demonetisation at a rate of 1 to 10 included.<\/p>\n

Secondly, actions to attract international players and financial companies. For it, the Central Bank of Mauritania has started a campaign to attract new Fintech players into the country. The BCM Fintech Challenge, for example, is about to announce the winner of the project. This company will work hand-in-hand with the government and the national institutions to create an ecosystem made of dynamic, disruptive and high-potential partners and accelerate the country\u2019s transformation by staying in tune with their ecosystem and creating a constructive dynamic in favour of their citizens.<\/p>\n

This very first Fintech Challenge is a good step forward for an until-now dormant country. It aims directly to palliate the country\u2019s lack of financial infrastructure and banking services and build up a healthy and inclusive new ecosystem from five different main pillars:<\/p>\n