Mauritania: Central Bank launches Fintech competition

Abdel Aziz Ould Dahi, Governor of the Central Bank of Mauritania.

The Central Bank of Mauritania (BCM) officially launched Thursday, January 24, a contest called « FinTech Challenge ». It was in partnership with the players in finance including banks and economic operators, all determined to modernize the country’s banking system.

Indeed, the institution intends to make digitization of payment methods and Fichtech, essential levers to develop the financial sector. And as a result, ensure greater financial inclusion. Its initiative also aims to create a real platform for exchange between banks, financial institutions, companies, telecom operators, and entrepreneurs in order to benefit from the advantages of the new technology.

For this edition, the first of its kind, the BCM will select 10 projects and / or Mauritanian startups in the field of Fintech. Then, it will reward the 3 best projects which will each receive a financial envelope of 2 million ouguiyas MRU, for a total amount of 6 million ouguiyas. Recipients will receive legal assistance and management training in their areas of expertise. The call for applications remains open until February 21 and the winners will be announced on March 30, 2019, the BCM authorities said.

Considered as the set of technologies applied to finance, FinTech will have to revolutionize the Mauritanian financial sector which is still at a « stammering stage ».

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