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Overview
The United Nations Economic Commission has been supporting the Government of Mauritius, through the Ministry of Financial Services and Good Governance with the development of a National Fintech Strategy to enable the positioning of the country as a Fintech Hub for the African continent.
To provide the necessary assistance, the ECA has organized its support around two main workstreams, specifically the development of Fintech Policy Guidelines and the Development of a National Fintech Strategy.
The development of a Fintech Policy Guidelines intends to set a framework of common rules, principles and best practice standards that can guide the development of the National Fintech Strategy and related policies in Mauritius.
The draft Fintech Policy Guidelines were presented at a technical validation workshop with representatives from the Ministry of Financial Services and Good Governance, Mauritius Africa FinTech Hub, and ECA’s Technology and Innovation Section. Mr. Mactar Seck, Chief Technology and Innovation Section emphasized the strategic importance of the collaboration between the Government of Mauritius and the ECA on the validation of the country’s Fintech Policy Guidelines but can serve as model policy not only for Mauritius but for other African countries. Mr. Seck further remarked that Africa's fintech market is one of fastest growing in the world and is expected to top US$65B by 2030. The representatives of the Ministry of Financial Services and Good Governance, Mr. Kresh Seebundhun, Director Financial Services and Ms. Deepti Beesoon, Lead Analyst Financial Services commended the good work done by the ECA is responding to the needs and objectives of Ministry and expressed their readiness to continue the engagement and development of the National Fintech Strategy of Mauritius.
Key Objectives of the Fintech Policy Guidelines
This Fintech Policy Guideline aims to foster innovation, promote financial inclusion, and ensure the stability and security of the financial system in Mauritius. This policy recognizes the transformative potential of fintech while emphasizing consumer protection and regulatory cooperation. This Fintech Policy Guideline seeks to strike a balance between fostering innovation and safeguarding the interests of consumers and the stability of the financial system and aims to position Mauritius as a hub for responsible fintech innovation while ensuring that fintech products and services benefit all segments of society.
Mauritius has been keen to harness the benefits of the Fintech revolution and strives to become a Fintech Hub for Africa by ensuring conducive environment for Fintech development. The Government of Mauritius has identified Fintech as one of the key economic drivers which can support financial inclusion and improve financial services for the benefit of consumers, businesses, and the Government.
The key objective of this Fintech Policy Guideline are to:
- The Guideline for Fintech operations in Mauritius is to foster financial innovation, in a regulated environment through encouraging the development and deployment of cutting-edge fintech solutions to enhance the competitiveness of the financial sector.
- The Guideline aims to regulate financial inclusion by leveraging fintech to provide accessible and affordable financial services to underserved and unbanked populations.
- The Guideline is aimed at ensuring that fintech products and services prioritize the rights and interests of consumers, including transparency, fair treatment, and data privacy.
- The Guideline provides clear and consistent regulatory guidance to fintech services providers, investors, and stakeholders.
- The Guideline promotes alignment with global regulatory efforts, while considering the interests and commitments of the Republic of Mauritius.
- The Guideline provides standards of operation for Fintech services providers in addressing fintech regulatory challenges such as data security, consumer protection, and money laundering.