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Mauritius: A Hub for Financial Inclusion in Africa

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As the world becomes increasingly digital, financial inclusion has become a crucial aspect of economic development. According to World Bank estimates, around 60% of adults in sub-Saharan Africa are unbanked, making it challenging for them to access basic banking services. However, FinTech is revolutionizing the way Africans access financial services.

What is Financial Inclusion?

Financial inclusion refers to individuals and businesses having access to affordable and useful financial services that meet their needs. The adoption of financial technologies such as mobile money has opened up new possibilities for Africans to make digital payments, save money, and access credit.

Mauritius’ Role in Advancing Financial Inclusion

Over the past few years, Mauritius has been positioning itself as a gateway for FinTech service providers looking to tap into the growing African market. The Bank of Mauritius (BOM) and the Financial Services Commission (FSC) regulate the development, regulation, and supervision of the FinTech services industry in Mauritius.

Peer-to-Peer Lending

Peer-to-peer lending enables individuals or businesses to obtain loans directly from other individuals without going through a financial institution. This concept has gained popularity in recent years as it is particularly attractive to small business owners and entrepreneurs who may not have the collateral or credit score required for traditional bank loans.

Crowdfunding

Crowdfunding is the use of online platforms to raise money for business ventures from a large base of investors. Small businesses and entrepreneurs are turning to crowdfunding platforms to raise capital, seeking to close the funding gap estimated at approximately USD 330 million.

Virtual Assets

Mauritius has become one of the first countries in the Eastern and Southern African region to adopt an umbrella legislation on the regulation of virtual assets. The Virtual Assets and Initial Token Offering Services Act (VAITOS Act) provides clarity by excluding digital representations of securities from its purview.

Future Forward: FinTech Poised for Bright Horizons

FinTech is already helping to lift millions of Africans out of poverty. With the market for FinTech services in Africa going through a period of exceptional boom, Mauritius can play a vital role in acting as a launchpad for those FinTech businesses looking towards Africa. To achieve this, policymakers, regulators, and captains of industry must work together to keep pushing standards higher in the FinTech industry.

By Janesh Chuttoo, Partner, Orison Legal Mauritius