The National Financial Inclusion Strategy for Mauritania (2023-2028)

The National Financial Inclusion Strategy (SNIF) for Mauritania (2023-2028) is designed to address significant challenges in financial inclusion, foster sustainable development, and reduce economic disparities across the country. The strategy focuses on creating an inclusive financial ecosystem that caters to diverse population segments, particularly vulnerable groups such as women, youth, rural populations, and micro, small, and medium enterprises (MSMEs).

Vision and objectives:

• Vision: Develop an inclusive, resilient, and sustainable financial sector through diversified financial products and services, digital inclusion, financial literacy, and green finance.
• Objectives:
  • Enhance access to a wide range of financial products and services.
  • Promote the use of digital financial solutions.
  • Foster financial literacy and education among all demographics.
  • Support environmentally sustainable financial practices.

Key strategic components:

• Improving financial infrastructure: Expand banking and microfinance networks, promote mobile money services, and introduce agency banking to address the needs of remote areas.
• Promoting financial literacy: Conduct nationwide campaigns and targeted education programs to enhance financial knowledge, focusing on marginalised groups.
• Regulatory reforms: Strengthen legal frameworks for digital payments and incentivise banks to extend services to underserved segments.
• Empowering MSMEs: Establish guarantee funds, improve credit access, and provide business development services to enhance managerial capacities.
• Gender and youth inclusion: Develop programs supporting financial independence for women and youth while fostering entrepreneurial growth.
• Digital transformation: Leverage technological advancements to increase the reach of mobile money and digital payment systems and encourage interoperability among financial institutions.
• Monitoring and collaboration: Strengthen data collection, reporting mechanisms, and collaboration between public and private stakeholders.

Mauritania’s financial inclusion challenges include low banking penetration, particularly in rural areas, and heavy reliance on cash transactions. Limited financial literacy further hampers participation in formal financial systems. Gender and youth disparities are pronounced, with women and young people facing higher unemployment and limited access to financial tools. In addition, inadequate financial infrastructure, such as the scarcity of ATMs and point-of-sale terminals, restricts access to essential services.

The implementation of the SNIF involves a phased roadmap. In the short term (2023-2025), the focus will be on regulatory reforms, pilot projects for digital inclusion, and expanding financial literacy efforts. Medium-term plans (2025-2028) include scaling successful initiatives to a national level, integrating advanced financial services, and fostering environmentally sustainable finance.

Expected outcomes of the strategy include increased banking penetration, wider adoption of mobile money, greater inclusion of marginalised groups, and a strengthened financial ecosystem that supports economic growth and reduces poverty. By addressing systemic challenges and leveraging digital solutions, the SNIF aims to transform Mauritania’s financial landscape, ensuring accessibility, equity, and sustainability for all citizens.