Borrowing in Mauritania: banks, microfinance and Central Bank of Mauritania rules

The Central Bank of Mauritania and the ouguiya

The Central Bank of Mauritania, based in Nouakchott, issues the ouguiya (MRU), which was redenominated in 2018 with each new note worth ten old ones. It sets monetary policy and, through instructions, frames the terms of loans granted by the country's banks.

One supervisor for banks and microfinance

Unlike the WAMU countries, Mauritania has no regional banking commission: the BCM alone licenses and supervises banks, financial institutions and microfinance institutions. Microfinance providers fall under a 2007 ordinance, which sorts them into three categories according to their activity.

Rates, borrowing costs and debt recovery

A 2008 BCM instruction governs the rates and terms of bank loans, and Law 2011-052 organises the judicial recovery of debts. A Mauritanian borrower should therefore insist on a written annual percentage rate, including fees and insurance, before signing anything.

Credit register and credit information bureau

The BCM keeps a central credit register fed by the banks, supplemented since 2019 by a credit information bureau. A recently closed IFC project aimed to broaden this coverage, which is still only partial for microfinance customers across the country.

Conventional banks in Nouakchott and Nouadhibou

Well-known banks include BMCI, BNM, BCI, GBM, Banque Populaire de Mauritanie, Attijari bank Mauritanie, Société Générale Mauritanie and Orabank. Their housing finance offers are covered in our guide to mortgages in Mauritania, with rates, terms and the guarantees each lender expects.

Islamic banks and murabaha contracts

BAMIS, Banque Islamique de Mauritanie, Banque des Financements Islamiques and Banque Muamelat As Sahiha finance without interest through murabaha, ijara or musharaka. In an Islamic Republic these structures attract a wide customer base, including households buying furniture and appliances.

Microfinance: PROCAPEC, Beit el Mal and women's funds

Around thirty microfinance institutions operate, including the PROCAPEC network of savings and credit cooperatives, Beit el Mal and women's mutuals such as MAFEC. The terms of these small loans are explained in our page on microcredit in Mauritania.

Bankily, Masrvi and mobile payments

Mobile banking wallets such as Bankily, launched by BPM, and Masrvi, linked to BMCI, have made phone payments popular. They are mostly used for transfers and purchases; digital lending remains marginal and must go through a licensed institution.

Mining, fishing, gas and livestock drive lending

SNIM iron ore in Zouérate, gold from Tasiast, fishing in Nouadhibou and gas from the Grand Tortue Ahmeyim field shape the economy. Loans to small firms in these sectors are discussed in business loans for Mauritanian entrepreneurs.

Rural finance along the Senegal River

In the Chemama valley, from Rosso to Kaédi, irrigated rice farming depends on seasonal crop credit, long provided by the Caisse de Dépôts et de Développement. Options for herders and growers are set out in farm loans in Mauritania.

Land: from occupancy permit to registered title

Many plots in Nouakchott are still held under a simple allocation or occupancy permit. Banks require a registered land title for a mortgage; registration, still paper-based, costs about 1.7% of the property value according to available reference data.

Financial inclusion and the gender gap

Roughly one Mauritanian adult in five held a bank account in 2022, with a marked gap between men and women. Outside Nouakchott, in Kiffa, Néma or Atar, branches are scarce and informal family lending remains very common.

How to apply for a loan in ouguiyas

1. Work out the amount you need in MRU, choose the term and check that the instalment stays below a third of your stable income.
2. Choose between a conventional bank, an Islamic bank or a BCM-licensed microfinance institution, depending on the amount and your convictions.
3. Ask in writing for the annual percentage rate or the murabaha profit margin, together with all ancillary fees.
4. Gather your ID card with NNI, proof of income and, where needed, the land title or proposed guarantee.
5. Submit the file at a branch in Nouakchott, Nouadhibou or a regional town, then follow the assessment in writing.
6. Reread the contract and repayment schedule, especially late-payment penalties, before signing.

Cost items of a Mauritanian loan

Documents Mauritanian lenders ask for

• Biometric national ID card showing the NNI
• Last three payslips or a statement of income
• Salary domiciliation certificate or bank statements
• Land title or deed of ownership for a mortgage
• Trade register and NIF for a trader or company
• Quote, pro forma invoice or sale agreement for the asset financed

Traps to avoid when borrowing in Mauritania

• Paying upfront fees to a so-called lender met on WhatsApp or Facebook: no BCM-licensed bank asks for money before approval.
• Offering land without a registered title as collateral, which often leads to a refusal or a smaller amount being granted.
• Signing a murabaha without checking the final resale price, the margin and the penalties, even though these set the real cost.
• Taking several loans from different banks without declaring them, which the BCM credit register can reveal during the assessment.
• Borrowing in foreign currency or through unlicensed intermediaries while earning in ouguiyas, ignoring the exchange-rate risk.

Lenders to contact

• Banque pour le Commerce et l'Industrie (BCI Mauritanie): Mauritanian commercial bank providing banking services and financing to individuals, professionals and companies operating within the country.

Answers on borrowing in Mauritania