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Velmie Launches Agent Banking Project with A2 to Revolutionize Mobile Payments in Mauritania

In Africa, where traditional banking services often remain out of reach for many, Velmie is stepping in to drive change. We are thrilled to announce the launch of our latest initiative with A2 Ltd, a connectivity solutions provider based in Nouakchott, Mauritania, aimed at transforming mobile payments there. This collaboration marks a significant step forward in expanding financial inclusivity and accessibility in the region.

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. According to recent statistics from Cambridge Centre for Alternative Finance, despite the prevalence of cash in approximately 90% of transactions in Africa, there is tremendous growth potential for fintech revenues. McKinsey & Company forecasts that if the fintech sector can achieve the same level of financial inclusion as seen in Kenya—one of the global leaders in fintech adoption—African fintech revenues could increase up to eightfold by 2025. Thus, the fintech market in Africa is rapidly expanding, indicating a strong demand for innovative solutions to address the needs of underserved communities.

But what exactly is agent banking, and why is it so crucial?

Agent banking operates on the premise of leveraging existing businesses or individuals within communities to provide basic financial services. These agents act as intermediaries between traditional banks and customers, facilitating transactions such as deposits, withdrawals, payments, and even small loans.

In regions where physical bank branches are scarce, agent banking fills a vital gap, extending financial services to remote and underserved areas. By utilizing existing infrastructure and human resources, agent banking reduces costs for both banks and customers, making financial services more accessible to all.

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

As Ahmed Amou El Arby, CEO from A2, expressed, "We chose Velmie for this project due to their unparalleled expertise, experience, and reputation in the fintech industry. Our collaboration with Velmie is driven by our shared commitment to innovation and providing new opportunities to our market. We believe that Velmie's creative solutions and technological prowess will enable us to achieve our mission of introducing new possibilities and opportunities to our users."

Velmie's selection as the technology partner for this project underscores its commitment to delivering reliable, cost-effective, and forward-thinking solutions to its clients. 

At Velmie, we understand the unique challenges facing the fintech industry in different regions globally, and we are committed to empowering businesses with the tools and solutions they need to succeed. With our comprehensive suite of fintech software solutions, backed by the latest technologies and industry expertise, we enable our clients to innovate, grow, and thrive in today's dynamic marketplace.


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