Velmie & A2 Holding launch agent banking project in Mauritania

By Gloria Methri

Velmie has partnered with A2 Holding, a connectivity group based in Nouakchott, Mauritania, to explore the market while launching a joint agent banking project. This initiative marks a significant step forward in expanding financial inclusivity and accessibility in the region.

According to recent statistics from the Cambridge Centre for Alternative Finance, approximately 57% of Africa’s population lacks access to traditional banking services. According to the World Bank, over 350 million adults in Sub-Saharan Africa lack access to a bank account, highlighting the urgent need for innovative solutions to bridge this gap. However, the FinTech market in Africa is rapidly expanding, with a reported growth rate of 60% annually, indicating a strong demand for innovative solutions to address the needs of underserved communities.

A2’s new project will introduce a comprehensive mobile payment solution that facilitates seamless deposit/withdrawal, payments, and many other innovative financial operations. Leveraging the concept of agent banking, A2 and Velmie aims to empower individuals and businesses in Mauritania by providing convenient and secure financial services through a network of local agents.

Agent banking plays a crucial role in extending banking services to unbanked and underbanked populations, allowing them to conduct financial transactions conveniently and affordably. Through this project, Velmie and A2 aim to bridge the gap between traditional banking services and the needs of communities in Mauritania, ultimately fostering economic growth and development.

A2 Holding CEO Ahmed Amou El Arby said, “As one of the founders of the mobile banking era in Mauritania through a strategic partnership with the first mobile banking solution in the country and with our large qualified agent’s network and deep understanding of the unreached market segments, we have decided to launch our mobile payment solution in order to enhance the customers’ experience while bringing a cutting edge solution with added value services. We believe that our innovative ideas, combined with Velmie’s creative solutions and technological prowess, will enable us to achieve our mission of introducing new possibilities and opportunities to our users.”

The project’s primary goals include introducing innovative and creative solutions to the market while relying on Velmie’s expertise in FinTech technologies. By avoiding the copy-and-paste approach, A2 aims to pioneer new possibilities and opportunities for its users, thereby driving positive change and growth in the industry.