Mauritius is considered to be an upper-middle-income economy and is poised to become the business hub of the Indian Ocean, and a major gateway to Eastern and Southern Africa.
Since the establishment of the first commercial bank in September 1838, Mauritius has progressed rapidly to become a respected International Financial Centre (IFC). The Mauritian IFC has gained international recognition as a safe and trusted jurisdiction by the OECD, FATF, IOSCO, IAIS and IFSB amongst others.
Financial services represent a significant 10,4 % of Mauritius’ GDP. The country is ranked 28th globally and 1st in Africa for ease of doing business in the 2015 World Bank Doing Business Report. The IMF & the World Bank favourably assessed the financial sector of Mauritius under the Financial Sector Assessment Programme. An innovative regulatory regime prevails, with the Bank of Mauritius regulating all banking activities and the Financial Services Commission of Mauritius overseeing all other non-banking financial services activities.
Mauritius has positioned itself as a trusted and secure IFC for investment flows from major economic powers into the emerging markets of Asia and Africa and vice versa. It also offers international businesses a high quality financial environment with sophisticated products.
Today, the financial services sector in Mauritius comprises of 20 commercial banks and 24 insurance companies, 3 reinsurance companies and a number of insurance and investment brokerage service providers. All major international banks, such as HSBC, Barclays, Standard Chartered Bank, Standard Bank, Deutsche Bank, Investec Bank and all Big 4 international financial services firms have operations in Mauritius.