By Shruti Menon Seeboo
The launch of the AFL (Accounting, FinTech, and Law) Foundation on January 30th at The Docks, Port Louis, signified a monumental step towards strengthening Mauritius’ position as a leader in financial technology (FinTech) innovation, and regulatory landscape. Speeches by prominent figures such as Dr. Bhavish Jugurnath, President of the AFL Foundation; the Honourable Dhaneshwar Damry, Junior Minister of Finance; Dr. the Honourable Jyoti Jeetun, Minister of Financial Services and Economic Planning; and Kresh Goomany, CEO of Emtel, emphasised the vital role of collaboration in creating an ecosystem conducive to FinTech growth.
This pivotal event brought together key figures from the government, business, and financial sectors, all unified by a shared vision of the future – one where digital transformation in finance would enhance accessibility, foster inclusion, and drive sustainable growth. The discussions at this event reflected not only the rapid evolution of the global FinTech landscape but also the emerging role Mauritius plays in this exciting transformation. With the world moving increasingly towards digitisation, the potential for FinTech to revolutionise the financial services sector has never been clearer. From payments to digital banking, FinTech has introduced efficiencies, enhanced security, and opened new avenues for businesses and individuals to engage with financial services.
Paving the way for a collaborative ecosystem
Dr. Bhavish Jugurnath, the President of the AFL Foundation, set the tone for the event with an insightful address on the importance of collaboration in the FinTech sector. He spoke passionately about the need for a collective effort to foster innovation, stating that Mauritius could only unlock the true potential of FinTech through a unified approach involving all relevant stakeholders. According to Jugurnath, the AFL Foundation was established with the primary objective of providing a platform for collaboration and knowledge exchange.
“Innovation does not exist in a vacuum,” he explained. “FinTech is a multifaceted ecosystem that thrives when we bring together experts from different sectors. We need to create an environment where government, businesses, regulators, and academic institutions work together to pave the way for the next generation of digital financial solutions.”
Jugurnath recognised that the success of FinTech in Mauritius hinges on the country’s ability to foster an environment where ideas can flourish, and where regulatory frameworks evolve to support emerging technologies. “We cannot afford to be complacent. The global FinTech landscape is evolving rapidly, and Mauritius has to keep pace,” he said. The foundation’s efforts to host workshops, seminars, and knowledge-sharing events would, he believed, enable the country to not only catch up but also to lead in certain areas of FinTech.
Digital economy and the role of FinTech
Dhaneshwar Damry, Junior Minister of Finance, took the stage next, offering a detailed look at how the Mauritian government views the role of FinTech within the broader digital economy. He emphasised that the digital economy is not merely an extension of the traditional economy, but a transformative force that is reshaping industries across the globe. He noted that in nations such as Singapore, the digital economy accounts for as much as 17% of GDP, with key contributions from sectors like healthcare, education, and, notably, financial services.
“FinTech is part of a much larger transformation that is occurring globally,” said Damry. “In Mauritius, the financial services sector contributes 15% to our GDP, and with the right investments, we have the potential to increase that share by leveraging the benefits of FinTech.”
Damry went on to outline the government’s commitment to positioning Mauritius as a regional FinTech hub. He acknowledged that, for Mauritius to truly capitalise on these opportunities, it needed to rethink its approach to attracting foreign direct investment (FDI). “Historically, FDI in Mauritius has been skewed towards real estate. While this is important for job creation, we need to diversify and ensure that FinTech and digital services receive the attention they deserve,” he said.
The Junior Minister also highlighted the importance of collaboration between the public and private sectors, noting that the government had been proactive in engaging with stakeholders in the FinTech ecosystem. He referred to recent efforts by the Bank of Mauritius to promote the adoption of artificial intelligence (AI) and blockchain technology in the country, describing these initiatives as a “breath of fresh air” for the sector. However, he stressed that for these efforts to succeed, the regulatory framework must continue to evolve and provide the necessary support for emerging technologies.
One of Damry’s key points was the need for policies that are aligned with global best practices, particularly in terms of ESG (Environmental, Social, and Governance) standards. “FinTech is not just about profits; it’s about creating a positive impact on society and the environment. As we advance our digital economy, we must ensure that our practices are ethical and responsible.”
The potential for financial inclusion through FinTech
Dr. Jyoti Jeetun, Minister of Financial Services and Economic Planning, delivered a thought-provoking speech that focused on the transformative potential of FinTech, particularly in promoting financial inclusion. She began by acknowledging the key role Mauritius plays in the global financial services landscape. However, she pointed out that the country must modernise its infrastructure and embrace new technologies to maintain its competitive edge.
“FinTech is not just about technology; it is about solving real-life problems,” Dr. Jeetun remarked. “It is about creating opportunities for businesses that previously lacked access to credit, enabling individuals to make seamless transactions, and ultimately driving financial inclusion.”
Dr. Jeetun highlighted several initiatives already underway in Mauritius, including the adoption of mobile payment platforms and the growing use of blockchain technology to improve transparency and efficiency. She noted that these innovations were helping small businesses access financing and allowing consumers to make cashless payments with ease.
“Financial inclusion is more than an opportunity; it is a necessity,” she emphasised. Dr. Jeetun also acknowledged that FinTech had the potential to revolutionise the banking sector, not just by increasing the efficiency of financial services, but also by making them more accessible to previously underserved populations. She shared an example of a local FinTech company that had developed a platform for microcredit, which had already provided loans to thousands of small businesses across the country.
Dr. Jeetun expressed confidence that Mauritius, with its stable political and economic environment, was well positioned to become a FinTech hub for the region. However, she recognised the need for a strong regulatory framework to ensure the sector’s success. She highlighted the importance of regulatory sandboxes, which would allow FinTech startups to test their innovations in a controlled environment. “We must foster a culture of experimentation and innovation, while ensuring that consumer protection remains a priority,” she said.
The role of Emtel in driving FinTech growth
Kresh Goomany, CEO of Emtel, concluded the speeches by offering a perspective from the telecommunications and technology sector. Emtel, one of Mauritius’ leading telecom providers, has been at the forefront of technological adoption in the country. Goomany focused on the evolution of digital payments and the growing role of FinTech players in transforming the way people make transactions.
He noted that FinTech players had dramatically transformed the way payments are made, providing consumers with a more seamless, efficient, and secure experience. “FinTech has revolutionised financial services by offering faster, more customer-centric solutions,” Goomany said. He went on to highlight the role of both banking and FinTech apps in driving digital financial services.
“Banks have traditionally controlled financial services, but FinTech apps are bringing a new level of flexibility and accessibility,” Goomany explained. He pointed out that while banking apps are directly linked to bank accounts, FinTech apps provide a more integrated experience, allowing users to link multiple bank accounts in one place. This makes it easier for customers to manage their finances, all while benefiting from faster innovation and customer-centric services.
However, Goomany also identified some challenges in the local FinTech ecosystem. “The adoption of FinTech apps is still hindered by cumbersome onboarding processes,” he remarked. He described the frustrating steps users must take to get started with many FinTech apps, including uploading ID documents and proof of address. Goomany called for improvements in the customer onboarding experience, which he saw as critical to increasing adoption.
He also highlighted that most FinTech apps are currently limited to individual accounts, leaving small and medium-sized enterprises (SMEs) with limited options. He advocated for greater flexibility in the sector, urging regulators and financial institutions to work together to address these challenges.
Despite these challenges, Goomany expressed optimism about the future of FinTech in Mauritius. He pointed to the growing number of merchants accepting digital payments, the increasing awareness among the population about the benefits of cashless transactions, and the expanding range of FinTech services available to consumers. “FinTech players are driving digital empowerment,” he said, adding that companies like blink were enabling users in Mauritius to make payments seamlessly in India, demonstrating the potential for global connectivity.
Mauritius has the opportunity to position itself as a leader in this space, but this will require concerted efforts from the government, financial institutions, regulators, and tech companies. With the groundwork laid by initiatives like the AFL Foundation, the future of Mauritius as a FinTech hub looks promising. By continuing to foster collaboration, supporting new technologies, and addressing the challenges faced by FinTech players, Mauritius can build a robust, future-ready digital economy that benefits businesses and consumers alike. It is only through working together that Mauritius can ensure its place as a global leader in digital financial services, creating opportunities for innovation and driving sustainable growth for years to come.
