The Bank, as part of its mandate to ensure the stability and soundness of the financial system, regulates and supervises financial institutions and requires them to have the appropriate policies and procedures in place to control and manage their risks effectively; thereby ensuring the smooth functioning of the system.
The normal role and responsibility of banks is well-defined. However, in the face of an increasingly complex financial world, consumers' education has gained importance as consumers often lack financial knowledge and skills to make wise financial decisions that would prevent them from becoming victims of financial frauds.
The Bank sees a need for informing and educating consumers and for highlighting their responsibilities, as well as assisting them in understanding the Bank's policy decisions and actions.
The Bank through this webpage on Financial Education aims at promoting financial literacy and education and at creating awareness of financial issues and conditions that may affect the material well-being of consumers. The Bank is also opening a channel of communication through which the public can report any case of financial fraud of which they may have been victims or on which they may have information.
This initiative of the Bank complements its other objectives.
The Bank brings its contribution to the work that is currently being done in the field by other law enforcement organisations and the financial institutions themselves. This work can only be effective in so far as there is a joint effort in this direction by all stakeholders: the Bank of Mauritius, the financial institutions and the consumers themselves.