The financial sector comprises all institutions and agencies that are involved in financing the economy, mobilizing savings, managing risks and providing means of payment. In view of the importance of the services rendered, the financial sector constitutes the footing of development of the national economy. Economic growth, private sector development, job creation and poverty reduction depend on a sound, efficient and vigorous financial sector. In its efforts to develop the financial sector and enable it to effectively support the development of the national economy, the Government of Mauritania has sought the support of the World Bank and the International Monetary Fund (IMF). Accordingly, under the Financial Sector Assessment Program (FSAP), a joint International Monetary Fund (IMF) and World Bank mission conducted a study on the financial sector in Mauritania in February 2006. The study analyzed the financial performance, as well as the strengths and weaknesses of the sector institutions, and level of access to financial services. As at 31 December 2012, the financial sector comprised: (a) a Central Bank; (b) 17 licensed banks and financial establishments ; (c) 30 licensed microfinance institutions (MFI) and a project , (d) postal financial services ; (e) 11 insurance companies; (f) 2 social security schemes, with an institution, the National Social Security Fund (CNSS); and (g) 31 licensed foreign exchange offices. The total assets of these institutions stood at about UM 520 billion (about USD 2 billion). There is a nascent money market (treasury bills market and interbank market). There are no stocks and bonds market. Banks dominate the sector with nearly 93 percent of total assets.