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financial services mauritius

The Financial Services Sector in Mauritius 2024

Carole Veitch | Mauritius | 15 April 2024

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Report Coverage

Who Owns Whom’s report on the financial services sector in Mauritius includes comprehensive information on the central bank, development banks, commercial banks, and other licensed and non-licensed related service providers. It discusses financial inclusion, sectoral contribution to the economy, the state of the industry, key trends and issues, notable players, corporate actions and influencing factors. There are profiles of 29 companies including major South African and international banks in Mauritius such as Standard Bank, Investec and HSBC, local development banks such as the Development Bank of Mauritius and The Mauritius Housing Company, and local banks and financial services companies such as Mauritius Commercial Bank, SBM, AfrAsia, CIM Financial Services, MCB Leasing and ABC Banking.


• Mauritius has the highest level of financial inclusion in Africa.
• Strategically located at the crossroads of Africa and Asia, it is an important regional financial services hub and an international financial jurisdiction of growing importance.
• It provides offshore, onshore and hybrid financial services, including cross-border business facilitation and investment, fund administration, corporate banking, global business services, private banking and wealth management.
• Banks’ solvency and liquidity buffers have remained well above minimum regulatory requirements.
• The financial services sector is the single largest contributor to GDP and the primary driver of the economy.


• Although cash and cheques are still widely used, online banking transactions and mobile banking are increasing, and in-person banking is declining.
• Diversification of revenue to include insurance services, investment management, wealth advisory services and loyalty/rewards programmes.
• Greater focus on microfinance for low-income groups and small business.
• Increasing focus on sustainability and exposure to climate change risks, and on environmental, social and governance (ESG) factors.
• Non-traditional players, including retailers, telecommunications companies, and tech companies, are increasingly providing financial services.
• The acceleration of digital banking, with a growing focus on fintech.
• The use of technologies such as blockchain and AI is rising.


• Development of green bonds, and other sustainable financial products.
• Expanding solutions for foreign corporate business, specifically companies from India.
• Microfinance, including products customised for SMEs.
• Private wealth management services, including offshore banking, is a high-growth segment.
• The development of digital banking products and fintech apps.
• The growth of intra-African trade offers opportunities for banks to provide trade finance.
• The regulation of virtual assets allows for the development of new trading and investment platforms.


• Evolving money-laundering and terrorism financing risks.
• Fraud, including cybersecurity risks, pose a threat to the sector and its customers.
• Increased competition from Rwanda, Kenya, Dubai, Singapore, Luxembourg and India’s Gift City international financial services centre and special economic zone.
• Lenders are at higher risk of bad debt and credit losses, due to economic pressures.


• Stronger tax laws have not significantly undermined the attractiveness of Mauritius as an international financial jurisdiction.
• Cross-border business activities are expected to remain robust.
• Private wealth is expected to remain buoyant, supported by the growing African mass affluent market.
• As the sector becomes increasingly digitised, the use of cash and cheques is expected to become less prevalent.
• With more fintech companies entering the country, the financial services sector is expected to become increasingly competitive and innovative.
• The sector has a strong focus on sustainability and its banking system is sufficiently resilient to withstand liquidity stresses.

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The Financial Services Sector in Mauritius
The Financial Services Sector in Mauritius 2024

Full Report

R 20 000.00(ZAR) estimated $1109.62 (USD)*

Industry Landscape

R 14 000.00(ZAR) estimated $ 776.74 (USD)*

Table of Contents

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3.1. Industry Value Chain 10
3.2. Geographic Position 11
3.3. Size of the Industry 12
4. LOCAL 14
4.1. State of the Industry 14
4.2. Key Trends 18
4.3. Key Issues 19
4.4. Notable Players 19
4.5. Corporate Actions 23
4.6. Regulations 25
4.7. Enterprise Development and Social Development 26
5. AFRICA 27
7.1. Unforeseen Events 33
7.2. Economic Environment 33
7.3. Labour 35
7.4. Environmental Issues 36
7.5. Technology, R&D, Innovation 37
7.6. Government Support 39
8.1. Competition 39
8.2. Ownership Structure of the Industry 40
8.3. Barriers to Entry 40
10. OUTLOOK 41
12.1. Publications 42
12.2. Websites 43
ANNEXURE 1 – Relevant Legislation 47
APPENDIX 1 - Summary of Notable Players 51
ABC Banking Corporation Ltd 54
Absa Bank (Mauritius) Ltd 56
AfrAsia Bank Ltd 59
Bank of Mauritius 61
Bank One Ltd 62
Bayport Management Ltd 64
BCP Bank (Mauritius) Ltd 67
British American Exchange Co Ltd 69
Change Express Ltd 70
CIM Financial Services Ltd 72
Development Bank of Mauritius Ltd 75
HSBC Bank (Mauritius) Ltd 77
Investec Bank (Mauritius) Ltd 79
La Prudence Leasing Finance Co Ltd 81
MauBank Ltd 83
Mauritius Civil Service Mutual Aid Association Ltd (The) 85
Mauritius Commercial Bank Ltd (The) 87
Mauritius Housing Company Ltd 90
Mauritius Post Foreign Exchange Co Ltd 92
MCB Leasing Ltd 93
SBI (Mauritius) Ltd 95
SBM Bank (Mauritius) Ltd 97
Shibani Finance Co Ltd 100
SICOM Financial Services Ltd 101
Silver Bank Ltd 103
SPICE Finance Ltd 105
Standard Bank (Mauritius) Ltd 107
Standard Chartered Bank (Mauritius) Ltd 109
Swan Forex Ltd 111