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Mauritania
Mauritania, located in West Africa, borders the Atlantic Ocean, Western Sahara, Algeria, Mali, and Senegal. Covering 1,030,700 km², it has a population of around 4.7 million, with Nouakchott as its political, economic, and cultural hub. The country is an Islamic republic with a semi-presidential government.
Mauritania’s economy relies heavily on natural resources, including iron ore, gold, copper, and fish, which are its main exports. Other exports include oil and seafood products. The country imports food products, fuel, machinery, and consumer goods. Key trade partners include China, the European Union (EU), India, Senegal, Morocco, the United States, and Japan. Despite challenges like limited diversification and poverty, Mauritania is attracting foreign investment and gradually developing its mining, fishing, agriculture, and infrastructure sectors, making it an emerging economy in the region.
Top banks
Mauritania has a relatively small but growing banking sector, evolving in recent years with improvements in financial infrastructure, banking services, and overall economic development. The Central Bank of Mauritania (BCM) regulates and oversees the country’s banking system, managing monetary policy, financial stability, and Mauritanian Ouguiya (MRU) currency issuance. The Mauritanian banking sector consists of a mix of state-owned and private banks, offering conventional banking as well as Islamic banking services, supporting domestic growth, financial inclusion, and investment opportunities.
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Banque Centrale de Mauritanie (BCM)
As the central bank, BCM plays a critical role in regulating and overseeing the entire financial system in Mauritania. It is responsible for ensuring the stability of the banking sector and managing the country’s monetary policy.
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Banque Mauritanienne de Commerce International (BMCI)
One of the leading banks in the country, BMCI offers a wide range of services, including personal banking, business banking, investment services, and Islamic banking. The bank has a strong presence in Mauritania and plays a vital role in supporting businesses and individuals in the country.
Banque Al-Waha
Specializing in Islamic banking, Banque Al-Waha offers financial products that comply with Islamic law. It provides services like personal banking, business banking, and investment services, catering to both individuals and companies.
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Société Générale Mauritanie (SGM)
A subsidiary of the French multinational Société Générale, SGM offers a range of banking products and services, including personal banking, business banking, loans, and international transfers. It plays an essential role in connecting Mauritania to international financial markets.
Bank of Africa Mauritania
Part of the Bank of Africa Group, this institution provides retail banking, corporate banking, and investment services to individuals and businesses in Mauritania. It is one of the prominent private banks in the country.
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Banque Nationale de Mauritanie (BNM)
The National Bank of Mauritania is a state-owned financial institution offering personal banking, business banking, and investment services. It plays an important role in financing projects related to economic development.
Top payment methods
Mauritania, with its developing economy, has a banking and payment system that is gradually evolving. While cash payments remain dominant, digital and electronic payments are gaining popularity, especially in urban areas. The banking infrastructure is improving, and mobile payment systems are expanding due to increased access to mobile phones and the internet. Despite lower financial inclusion, efforts are underway to modernize the payment landscape. Mauritel’s M-Post and Chinguitel’s M-Pesa are leading mobile money services in Mauritania, offering convenient, secure financial solutions to a largely unbanked population.
M-Post
M-Post by Mauritel is a trusted mobile money service in Mauritania, enabling users to send and receive money, pay bills, and transfer funds via mobile phones. Widely used in rural and underserved areas, M-Post promotes financial inclusion by providing a secure, convenient, and accessible digital payment solution without requiring a bank account. Perfect for personal and business transactions, M-Post supports fast mobile payments, cashless transfers, and mobile banking services across Mauritania.
M-Pesa
Chinguitel M-Pesa is a leading mobile money service in Mauritania, enabling users to transfer money, pay for goods and services, and recharge airtime directly from their mobile phones. By providing a secure and convenient digital payment solution, Chinguitel M-Pesa promotes financial inclusion and economic access across Mauritania. Trusted for fast and reliable mobile transactions, it supports both personal and business payments, making it an essential tool for digital banking, mobile money transfers, and online payments in Mauritania.
Visa
Visa is the world’s largest global card network by transaction value, accepted almost everywhere. It’s known for secure, fast, and reliable payments, positioning itself as “the best way to pay and get paid by everyone.”
Mastercard
Mastercard is a global payments leader, dominating the co-branded card market in Europe and key countries like Brazil, Canada, and Germany. Known for secure, contactless, mobile, and digital payment solutions, Mastercard drives e-commerce, fintech, and online banking innovation worldwide.
Concluding remarks
Mauritania’s payment ecosystem is rapidly evolving as digital payments, mobile money, online banking, and digital wallets gain adoption. Government initiatives for financial inclusion, along with improvements in mobile connectivity and internet access, are modernizing the Mauritanian banking sector, driving secure, convenient, and accessible financial services across urban and rural areas.
Cash
Cash is still the most widely used form of payment in Mauritania, particularly in rural areas and for smaller transactions. However, as the economy modernizes and digital solutions become more accessible, cash usage is gradually decreasing, especially in urban centers.
Debit and credit cards
Debit and credit cards are accepted in some businesses and urban areas, especially in Nouakchott and other major cities. However, card payments are not as widely used as in other regions, due to limited infrastructure and lower card penetration. International card networks like Visa and MasterCard are becoming more common, but their usage remains limited to certain segments of the population.
Mobile payments
Mobile payments are rapidly gaining popularity in Mauritania, especially in rural and remote areas where access to traditional banking services is limited. Mobile money services such as Mauritel’s M-Post and Chinguitel’s M-Pesa enable users to transfer money, pay bills, and make purchases via their mobile phones. Mobile payment systems are an essential tool in promoting financial inclusion and reaching underserved populations.
Online banking
Online banking is available in Mauritania, particularly for individuals and businesses with access to the internet. Major banks, such as BMCI and SGM, offer online banking services that allow customers to check account balances, transfer funds, and pay bills. However, internet penetration is still limited, and many Mauritanians continue to rely on physical bank branches for transactions.
Remittances
Remittances are an important source of income for Mauritania, especially for families in rural areas. Many Mauritanians work abroad, particularly in countries like France, Saudi Arabia, and Spain, and send money back to their families. Mauritania’s banking system supports international money transfers through services like Western Union and MoneyGram, as well as digital remittance services.
Point of Sale
Point of Sale systems are becoming more common in urban areas and larger businesses, such as supermarkets, hotels, and restaurants. These systems allow businesses to accept payments via debit or credit cards, helping to reduce cash reliance and promote cashless transactions. However, POS systems are not yet as widespread in smaller retail outlets.
Digital wallets
Digital wallets are still in the early stages in Mauritania but are gradually gaining traction as mobile payments grow. Services like Mauritel’s M-Post and Chinguitel M-Pesa allow users to store money digitally on their mobile phones and make payments without needing a bank account. These services are especially useful in rural areas where access to formal banking infrastructure is limited.
Cryptocurrency
Cryptocurrency use in Mauritania is still relatively low, as the country’s financial sector is developing and the regulatory framework for digital currencies is unclear. While there is some interest in cryptocurrencies, they are not widely accepted for payments, and the use of digital currencies remains limited to niche markets.
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