FinTech and Innovation: Mauritius Aims to Attract Banking Excellence Centers

Mauritius is seeking to attract banking excellence centers by focusing on fintech and innovation. The country hopes to leverage the African market and bolster its digital economy.

On December 15, the Mauritius Africa FinTech Hub (MAFH), in conjunction with the Economic Development Board (EDB), held its annual year-end gathering at the EDB auditorium in Ebène.

The event provided a retrospective of the past year, highlighting key milestones, achievements, and strategic priorities that will guide the sector in the coming year.

A dedicated analysis session focused on global perspectives in financial technologies and Mauritius's ability to seize new opportunities in this evolving sector.

Speakers emphasized the need for the island to position itself as a regional hub for digital finance and artificial intelligence.

During his speech, Dhaneshwar Damry, Junior Minister of Finance, reminded attendees that the country aims to benefit from the dynamism of the African market: "We have an African dream because Africa is a frontier market. How does Mauritius take advantage of Africa's success? All governments worldwide prioritize employment for their populations and inclusive development. That is what we want for our country." He highlighted that the financial services sector contributes to job creation and inclusive development, but Mauritius faces increasing competition.

According to Dhaneshwar Damry, the future of finance will not be limited to fintech. "It will encompass digital finance and artificial intelligence. Fintech will only be a part of this value chain. We do not have much time to catch up with this moving train," he warned. He announced that discussions are underway with the World Bank to establish its Center of Excellence for Africa in Mauritius, as well as with several major international banks to set up their innovation centers in the country.

For his part, Mahen Kundasamy, CEO of the EDB, reiterated that his institution and the MAFH share a common goal of transformation. "The EDB is striving to position Mauritius as a competitive jurisdiction ready to welcome investments, while the MAFH mobilizes innovation, talent, and entrepreneurial energy. We are two sides of the same coin," he explained.

Mahen Kundasamy also clarified that fintech is not just an isolated sector.

"It acts as a catalyst for our entire economic transformation program. Whether facilitating trade finance, strengthening our maritime economy, or digitizing traditional industries, fintech innovation impacts everything we do," he added.

The event thus showcased Mauritius's strategy to attract international excellence centers by focusing on innovation and the integration of new technologies into the national economy.