Famed for its white-sand beaches and as a popular tourist destination, the Republic of Mauritius is actively trying to bolster economic growth by supporting its tech and fintech ecosystems.
Situated in the Indian Ocean, Mauritius boasts a unique advantage with many of its citizens fluent in both French and English, making it a strategic gateway between Africa and South Asia. Over the years, Mauritius has ascended to the status of an upper-middle-income country, proudly holding one of the highest gross domestic product (GDP) per capita figures on the African continent.
Capital and financial hub
Port Louis (Ranked 61st globally)
Key economic development strategy
Mauritius Vision 2030
Economic and fintech overview
With a clear vision outlined in its economic development strategy, Mauritius aims to transition to a high-income status by 2030, leveraging its political stability, abundant resources, and pivotal location. Central to this strategy are investments in highly skilled employment, infrastructure, and digitalisation, which are anticipated to propel the nation forward over the next decade.
Mauritius’s financial services sector stands as a testament to its progress, recognised for its robust development and strong capitalisation. The nation has diligently cultivated an investor-friendly environment while adhering to global standards of compliance.
Contributing significantly to Mauritius’s total GDP, the financial services sector accounts for 13 per cent of the country’s economic output and provides employment opportunities for over 8,600 individuals.
In a bid to further bolster economic growth, the Mauritius National Budget 2021-2022 outlined several measures, with a particular focus on fintech and digital advancement. Initiatives such as the establishment of an Open Lab by the Bank of Mauritius (BoM) for banking and payment solutions, along with the creation of a Fintech Innovation Lab by the Financial Services Commission (FSC), underscore the nation’s commitment to fostering entrepreneurship.
The BoM’s announcement of a pilot rollout for a Digital Rupee, a central bank digital currency (CBDC), marks a significant milestone in Mauritius’s digital evolution.
Among the fintech ventures emerging from Mauritius are Flash, offering app-based money management and wallet services; Limit Markets, a versatile multi-asset trading platform; and Learnleapology, an innovative online investment trading platform.
Key organisations in Mauritius
- Bank of Mauritius – The country’s central bank
- Financial Services Commission (FSC) – The country’s financial services regulator minus banking institutions and global business
- Mauritius Fintech Hub – Launched in 2018 with the objective to promote Mauritius as the Fintech Innovation Hub for the African continent
- Mauritius Economic Development Board – The country’s main investment promotional agency
- Insurers’ Association of Mauritius – Set up in 1972 as the voice for the insurance industry
- Mauritius International Financial Centre (IFC) – An internationally recognised jurisdiction and home to international banks, legal firms, corporate services, investment funds and private equity funds
Key fintech timeline of events
Key statistics
