At the forefront of the financial sector's digital transformation, the Bank of Mauritius has launched initiatives for years to make financial services more accessible and improve citizens' everyday lives.

The Bank of Mauritius, the central bank of the Republic of Mauritius, plans to open a fintech innovation center on September 4. The plan was unveiled by  Harvesh Seegolam, Governor of the Bank of Mauritius, during the "Digital Finance in Africa" workshop organized on Thursday, June 20 by the Regional Centre of Excellence and the Organization for Economic Cooperation and Development (OECD). The goal is to facilitate brainstorming sessions, hackathons, and regional collaborations to address digital issues in Mauritius.

This decision comes at a time when fintech is increasingly dominating the financial sector in Africa. Traditional financial institutions, led by central banks, want to be included in this technological revolution affecting all sectors on the continent. The establishment of such a center by the Bank of Mauritius will promote innovation and the implementation of cutting-edge technologies in the country's banking sector.

According to the "Africa Tech Venture Capital" report published in January 2024 by Partech Africa, African fintech fundraising dropped by 56% to $852 million in 2023. Despite this significant decline, fintech remains the most capital-attractive segment on the continent due to its appeal. This attractiveness is partly due to the low banking penetration rate and the exclusion of the informal sector, which fosters the development of crypto assets on the continent.

The Bank of Mauritius confirmed through Harvesh Seegolam the commencement of the pilot phase of its digital currency implementation in January, following its launch in December 2023 with a commercial bank.

Adoni Conrad Quenum