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Mauritania Launches National Financial Inclusion Strategy to Boost Financial Access by 2028

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Mauritania has launched its first National Financial Inclusion Strategy (NFIS) to increase financial awareness, promote inclusive green finance, and ensure that all citizens have access to financial products and services.

Objectives of the Strategy

The NFIS aims to achieve a financial inclusion rate of 63% by 2028. The strategy is focused on promoting financial inclusion for vulnerable groups such as:

  • Young people
  • Women
  • Rural populations
  • Forcibly displaced persons
  • Small businesses

Launch Event and Keynote Speakers

The launch event was held at the Banque Centrale de Mauritanie and was attended by representatives from the government, financial sector, Alliance for Financial Inclusion, and international financial institutions including the International Monetary Fund and World Bank Group. The Prime Minister, Mohamed Ould Bilal Messoud, opened the event, emphasizing the importance of developing an inclusive, flexible, and sustainable financial sector.

Governor Mohamed-Lemine Dhehby of Banque Centrale de Mauritanie highlighted the importance of financial inclusion for the country’s stability and sustainability. He stated that “financial inclusion is as important as financial stability for our country.”

Key Aspects of the Strategy

The NFIS has five pillars:

  • Financial Inclusion in Economic and Social Development: The role of financial inclusion in promoting economic growth, social development, and poverty reduction.
  • Fintech and Central Bank Digital Currencies: The potential of fintech and central bank digital currencies to promote financial inclusion and improve financial stability.
  • Regulator’s Role in Promoting Financial Inclusion: The importance of the regulatory environment in promoting financial inclusion and protecting consumers.
  • Financial Education and Consumer Protection: The need for financial education and consumer protection to ensure that citizens have access to appropriate financial products and services.
  • Inclusive Green Finance: The potential of green finance to promote sustainable development, reduce poverty, and protect the environment.

Conclusion

The NFIS is a crucial step towards achieving accelerated growth and shared prosperity for all citizens. The strategy aims to create an enabling environment that guarantees access to financial products and services necessary to achieve aspirations. With its theme “Financial Inclusion for Accelerated Growth and Shared Prosperity”, the event highlights the importance of ensuring that all citizens have equal opportunities to participate in the economy and improve their well-being.