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Mauritius: The Island Nation Leading the Charge in Financial Inclusion in Africa

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Financial inclusion has become a major concern, with an estimated 60% of adults in sub-Saharan Africa being unbanked. Lack of access to banking services is often attributed to lack of money, distance to the nearest financial institution, and insufficient documentation. However, with the advent of FinTech, Africans now have increased access to banking and financial services.

Financial inclusion refers to businesses and individuals having access to useful and affordable financial services that meet their needs. The adoption of financial technologies like mobile money has opened a plethora of possibilities for Africans in making or receiving digital payments, as well as saving money. According to the latest Global Findex Report, FinTech has now become an important enabler of financial inclusion in Sub-Saharan Africa.

Mauritius’ Role in Advancing Africa’s Financial Inclusion Agenda

Over the last few years, Mauritius has been actively positioning itself as the gateway for FinTech service providers looking to tap into the burgeoning African market. The Bank of Mauritius (BOM) and the Financial Services Commission (FSC) are the regulators that oversee the development, regulation, and supervision of the FinTech services industry in Mauritius.

Peer-to-Peer Lending: A Game-Changer for Financial Inclusion

Peer-to-peer lending enables individuals or businesses to obtain loans directly from other individuals without going through a financial institution. While P2P lending is a relatively new concept in Africa, it 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: A New Path for Financial Inclusion

Crowdfunding is the use of online platforms to raise money for business ventures from a large base of investors. As per the World Bank’s latest statistics on the funding requirements for SMEs, it is estimated that SMEs in Africa need access to approximately USD 330 million to finance their operations and growth.

Virtual Assets: A New Frontier for Financial Inclusion

By promulgating the Virtual Assets and Initial Token Offering Services Act (VAITOS Act) in February 2022, Mauritius became amongst the first countries in the Eastern and Southern African region to adopt an umbrella legislation on the regulation of virtual assets.

FinTech Poised for Bright Horizons in Mauritius

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.

While there is increasing competition from jurisdictions such as Rwanda and Kenya, Mauritius has the right business climate, stability, and regulatory advantage in ensuring that it becomes the jurisdiction of choice for those FinTech operators. If Mauritius is to emulate the success it has achieved over the past two decades as a regional IFC, policymakers, regulators, and captains of industry need to imperatively work together to keep pushing the standards higher in the FinTech industry.

Conclusion

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Mauritius is poised to play a significant role in advancing Africa’s financial inclusion agenda through its FinTech sector. With its favorable business climate, stability, and regulatory advantage, it has the potential to become the go-to jurisdiction for FinTech operators looking to tap into the African market.