Banking
Bankily Revolutionises Digital Banking in Mauritania
By Modupe Gbadeyanka
It is now an open secret that the introduction of a state-of-the-art mobile banking service called Bankily in Mauritania has revolutionised digital banking in the country.
The service was launched in Mauritania earlier this year by one of the leading banks in the country, Banque Populaire de Mauritanie (BPM).
Since it became operational in Mauritania, the service, powered by Comviva’s mobiquity® Banking Suite, has received a positive response from consumers
With banking penetration around 30 per cent, Bankily is helping to modernize banking and payments in Mauritania and encouraging financial inclusion in the country.
The platform brings a digital revolution in the banking industry of Mauritania by enabling people to open and manage a bank account, transfer money and make payments using mobile phones. The service is accessible using all mobile phones, smartphone or basic, via the Bankily mobile app or USSD code *888# for Mattel subscribers.
Consumers can open a bank account remotely by downloading the Bankily app from Google Play Store or Apple App Store or by dialling the USSD code and registering using the 10 digits national identification number (NNI) available on the national identity card or residence permit.
Opening the Bankily account is free and it has no account maintenance fee as well. Bankily users can deposit money into and withdraw money from Bankily account through Bankily agents, BPM Bank branches and BPM ATM spread across Mauritania.
With Bankily, users can easily and instantly do a host of financial transactions digitally including transferring money, paying electricity and water bills, buying phone credit, paying merchant, crowd-funding (mobile tontine), ordering a cheque book and bank card, checking account balance, and generating an account statement.
Bankily is an inclusive service. Bankily users can not only transfer money to other Bankily users, BPM bank accounts and other bank accounts in Mauritania, but they can also send money to non-Bankily unbanked consumers using the recipient’s mobile number. Bankily offers diverse ways to make money transfer – using recipient’s mobile number, or selecting recipient from a Facebook contact list, or via contactless payments using NFC and QR Code.
The recipients receive a notification or message with a transaction code. Non-Bankily users can withdraw the money transfer in cash using the transaction code at Bankily agents, BPM bank branches or BPM ATMs.
Bankily has been designed with complete focus on customers. For example, after the first electricity and water bill payment, users are automatically notified about their next invoice.
In case of financial emergency, users can request money from their family and friends and instantly receive money once approved by the sender.
To enable wider service access, BPM has created extensive Bankily agent network aimed at facilitating last-mile transactions such as deposits and withdrawals.
Moreover, to boost digital payments at merchants via Bankily, BPM has registered multiple merchants from diverse categories such as supermarkets, grocery stores, pharmacies, fuel stations, travel agencies, hospitals, schools and restaurants. Payments at merchants can be made by scanning the QR Code or entering the merchant code on the mobile phone.
Elaborating on Bankily, Mohamed M’Rabih Rabou, Chief, Digital Banking Services at Banque Populaire de Mauritanie said “Through Bankily, BPM aims to extend financial inclusion and banking penetration in Mauritania.
“The product aims to make the opening of a bank account accessible to all Mauritanian citizens regardless of their geographic location and purchasing power. This mobile banking service fully supports the measures undertaken by the Central Bank of Mauritania to modernization and digitize the means of payments in the country. We are happy to partner with Comviva for offering Bankily service and meet the financial aspirations of our customers.”
Srinivas Nidugondi, Executive Vice President and Chief Operating Officer, Mobile Financial Solutions, Comviva said “Digital technology is transforming the banking industry and Comviva is enabling this transformation for banks and financial institutions globally. In Mauritania, we are carrying forward this digital revolution with BPM through the Bankily service, delivering quick, convenient and secure digital banking and payment services to Mauritanians.”
By Adedapo Adesanya
The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, says Nigeria anticipates remittances from citizens living abroad to increase by two-thirds in 2026 as it seeks to bolster its foreign-exchange reserves to $1 billion monthly.
“We are expecting that by the end of the year, we will hit about a billion Dollars a month from diaspora remittances,” he said at the 14th Annual BusinessDay CEO Forum in Lagos on Thursday, themed From Stability to Shared Prosperity.
Mr Cardoso said remittances are expected to be boosted from more than $600 million currently, banking on the CBN’s deliberate target at remittances to diversify reserve sources beyond oil earnings.
According to him, the apex bank engaged Nigerians abroad, banks and international partners to identify barriers to official remittance flows.
He said the lender subsequently reviewed policies to ensure easier movement of funds into and out of the country.
Mr Cardoso described the approach as providing free entry and free exit for foreign exchange.
He said the reforms helped double diaspora inflows within one year and exceeded initial expectations, also projecting annual remittances could reach about $8 billion if the current momentum was sustained, adding that the development reflected growing confidence in Nigeria’s financial system and foreign exchange market.
Mr Cardoso said reforms introduced by the apex bank had restored stability in the foreign exchange market and improved investors’ confidence.
He identified exchange rate unification as one of the central bank’s major achievements under the reforms programme.
According to him, replacing multiple exchange rate windows with a market-driven system eliminated distortions and improved transparency.
Mr Cardoso said improved foreign exchange liquidity and stronger reserves were among the gains from the reforms.
He said Nigeria’s net external reserves had risen from about $3 billion at the start of the reforms to above $40 billion currently, noting that gross external reserves had grown to about $52 billion, representing about 10 months of import cover.
According to him, the reserves are designed to shield the economy from external shocks and excessive market volatility.
He said the reserves were not meant for routine interventions or day-to-day exchange rate management.
By Modupe Gbadeyanka
The flagship banking subsidiary of Guaranty Trust Holding Company (GTCO) Plc, Guaranty Trust Bank (GTBank) Limited, has been announced as the winner of Nigeria’s Best Digital Bank award at the Euromoney Awards for Excellence 2026.
The lender clinched this accolade at the Euromoney Awards for Excellence 2026 ceremony, held on July 17, 2026, at The Peninsula London, England, for its outstanding performance, innovation, customer service, and leadership.
GTBank’s recognition as Nigeria’s Best Digital Bank reflects its continued leadership in digital innovation and its commitment to delivering seamless, secure, and customer-centric financial solutions.
As the banking franchise of GTCO, GTBank has consistently set industry benchmarks in digital transformation, pioneering solutions that have redefined how individuals and businesses access, manage, and experience financial services.
Over the years, GTBank has transformed the banking experience through a suite of innovative digital platforms, including the GTWORLD mobile app and solutions that provide millions of customers with seamless, secure, and convenient access to financial services.
The bank continues to strengthen its digital capabilities by introducing products and services that meet evolving customer needs while maintaining the highest standards of security, reliability, and service excellence.
This latest recognition underscores the company’s position as a market leader and reflects its sustained investment in technology, operational excellence, and innovation.
“This recognition is a testament to the legacy upon which GTBank was built and the vision that continues to guide us today.
“From inception, our goal has been to deliver on the Group’s vision to make end-to-end financial services accessible to everyone by leveraging technology to remove barriers, simplify experiences, and create meaningful value for our customers,” the chief executive of GTBank, Mrs Miriam Olusanya, stated.
“While we are honoured by this recognition, we see it as an acknowledgement of what we have achieved and a motivation to do even more.
“We remain focused on raising the bar for digital banking, investing in innovative solutions, and delivering exceptional experiences that create lasting value for our customers.
“As the financial services landscape continues to evolve, we will continue to innovate, adapt, and lead with the same commitment to excellence that has defined our franchise for decades,” she added.
The Euromoney Awards for Excellence 2026 convened leading financial institutions, industry executives, and policymakers from across the globe to celebrate excellence, innovation, and leadership in the financial services sector.
By Aduragbemi Omiyale
A collaboration to enable fast money transfers into Nigeria has been entered into between Flutterwave and Xoom, PayPal’s international digital money transfer service.
The partnership allows Xoom transfers to be converted by Flutterwave and settled locally in Naira, enabling quick transfers directly into recipients’ bank accounts at Access Bank, UBA, Zenith Bank, First Bank, GTBank, and additional participating banks across Nigeria.
The deal also enables Xoom’s global network with Flutterwave’s local payout infrastructure, allowing users globally to send funds directly into Nigerian bank accounts with improved speed and efficiency.
Nigeria is the leading remittance recipient in Sub-Saharan Africa, receiving over $20 billion in personal remittances in 2024. Despite this volume, receiving international payments has historically remained complex due to FX constraints and settlement delays. This collaboration helps address those challenges in a market of more than 232 million people, where the ICT sector is projected to contribute 21 per cent of GDP by 2027.
By combining Xoom’s expansive reach with Flutterwave’s local compliance and banking partnerships, the two companies are providing a more accessible financial corridor for the continent.
Xoom, a PayPal service, is a fast and secure international digital money transfer service that enables consumers to send money, pay bills, and reload phones for friends and family in approximately 160 markets globally.
As part of PayPal’s global payments ecosystem, Xoom leverages advanced fraud protection, compliance capabilities, and a trusted global network to help millions of customers move money quickly and securely across borders.
“We’re excited to have been chosen by Xoom for their Nigeria expansion. Millions of Nigerians rely on money from abroad to support everyday needs, whether it’s families receiving help from loved ones, freelancers getting paid for their work, or individuals earning income from the global economy. This helps make it easy and more reliable for people in Nigeria to receive funds and stay connected to opportunities beyond borders,” the chief executive of Flutterwave, Mr Olugbenga GB Agboola, stated.
