Dr. The Honourable Jyoti Jeetun, Minister of Financial Services and Economic Planning
The Honourable Dhaneshwar Damry, Junior Minister of Finance
His Excellency Janmajaising Bissoondoyal, Secretary for Foreign Affairs
His Excellency Oskar Benedict, Ambassador of the European Union to Mauritius
First Deputy Governor of the Bank of Mauritius
Second Deputy Governor of the Bank of Mauritius
Representatives of the British High Commission and European Union delegation
Chairperson of the Mauritius Bankers Association
Chief Executive Officer of the Mauritius Bankers Association
Chief Executives of Banks and Financial Institutions
Leaders of Industry and Commerce
Members of the Press
Distinguished guests
Ladies and Gentlemen
All protocol observed
Good morning.
I am pleased to address you today at the Mauritius Bankers’ Association conference whose theme is From Competitiveness to Sustainability: The Banking Imperative. The conference will explore key questions about the competitiveness of the Mauritius International Financial Centre, digitalisation and the green revolution. These are three concrete strategic priorities which are actively shaping the future of banking and finance on a global scale, and within Mauritius itself.
We find ourselves at a critical juncture, where geoeconomic shifts and technological disruption are materializing with unprecedented speed. The world of finance is in a state of flux, and the decisions we make now will have lasting implications for our nation’s trajectory.
A unified commitment to progress and resilience is essential. By enhancing our competitiveness, accelerating digitalisation across financial services, and embedding sustainability at the core of our strategies, we can secure the reputation of Mauritius as a trusted and forward-looking financial jurisdiction. Let us seize this moment to chart a bold course, ensuring that our financial sector not only adapts to change but leads it.
Mauritius has established itself as a stable and trusted international financial centre, supported by sound institutions and a strong regulatory culture. This foundation remains a strategic asset. Yet, it is no longer sufficient. The competitive frontier is moving and Mauritius must move with it.
Today, competitiveness is defined less by scale and more by coherence—coherence between regulation and innovation, between efficiency and trust, and between growth and sustainability. It is this balance that will determine our relevance in an increasingly selective global financial system.
Digital banking forms part of this broader recalibration. It represents not merely a shift in delivery channels, but a rethinking of how financial services are designed, accessed and supervised. If properly governed, digital banking can widen access, reduce friction and strengthen system-wide efficiency. If poorly governed, it can amplify risk. The responsibility of the central bank is to ensure that progress occurs without compromising stability.
The Bank of Mauritius is therefore focused, through its Digital Banking Guidelines, on enabling digital banking models that are robust by design, anchored in sound governance, effective risk management and strong consumer safeguards. Our approach is deliberate rather than permissive, reflecting the view that trust, once lost, is difficult to restore.
Beyond digital banking, Mauritius is taking measured steps to broaden the depth and sophistication of its financial services ecosystem. Enhancing frameworks for wealth management and family offices, and facilitating the digitalisation of trade finance processes, are part of a wider effort to strengthen the role of Mauritius as a reliable platform for cross-border financial activity.
Ladies and Gentlemen,
Competitiveness, however, extends far beyond product innovation and regulatory agility—it is fundamentally rooted in talent development and institutional excellence. Bridging skills gaps in critical areas such as Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) compliance, fintech and sustainable finance remains a pressing priority.
The Bank of Mauritius continues to work closely with financial institutions, domestic authorities and international partners to reinforce supervisory standards and institutional capacity. Maintaining confidence in Mauritius as a financial jurisdiction requires constant investment in governance, transparency, and regulatory effectiveness. The continued success of Mauritius as an international financial centre will hinge on its ability to adapt swiftly to emerging trends, foster a culture of innovation, and nurture a skilled workforce. By doing so, Mauritius can not only defend its competitive edge but also unlock new avenues for sustainable growth, ensuring its status as a premier financial centre well into the future.
Ladies and Gentlemen,
Digital transformation is also reshaping the operational core of banking. Payment systems are becoming faster and more interconnected; supervisory tools more data-driven.
The Bank of Mauritius is spearheading a range of digital innovation initiatives, including the modernisation of payment systems through enhancements to the Mauritius Automated Clearing and Settlement System (MACSS), enabling real-time gross settlement and seamless interoperability with regional financial platforms.
The Bank’s Innovation Hub and Regulatory Sandbox Licensing framework aim to encourage innovation and experimentation in emerging areas such as blockchain technology, AI-driven credit scoring, and digital wallets.
In a highly digital financial system, resilience is as important as innovation. Cybersecurity, data integrity and operational continuity are no longer technical considerations; they are central to financial stability. Expectations in these areas will continue to rise, and institutions must be prepared to meet them. The Bank of Mauritius is supporting this evolution while remaining vigilant to the operational and cyber risks that accompany increased digital reliance.
Ladies and Gentlemen,
Sustainability has become an integral pillar within the financial sector, with environmental, social, and governance (ESG) factors increasingly woven into the very fabric of banking operations. Climate-related risks, once considered peripheral, are now recognised as material financial risks that must be addressed proactively.
On a global scale, market capitalisation in the green bond market has exceeded USD 2.5 trillion, and ESG-linked loans are rapidly entering the mainstream, reflecting a growing commitment to sustainable finance. In Mauritius, the Central Bank has demonstrated clear leadership in this domain through the establishment of the Climate Change Centre (CCC) in 2021, which is driving the integration of climate-related risks into regulatory, supervisory, and monetary policy frameworks.
Notable initiatives include the introduction of comprehensive guidelines for climate-related and environmental financial risk management, the promotion of sustainable finance products across several banks to channel investments into renewable energy, and the protection of marine ecosystems.
In addition, international collaborations—such as the SUNREF – Cap sur la Finance Durable programme in partnership with the EU and Agence Française de Développement (AFD)—are embedding climate risk considerations within macroprudential frameworks and supporting the development of climate risk models. Looking ahead, the influence of sustainability on key financial metrics such as asset valuation, collateral quality, and credit risk will only intensify.
Sustainable finance should not be approached as a separate agenda, but as an integral part of prudent risk management and long-term value creation.
Ladies and Gentlemen,
The future of Mauritius as an international financial centre will depend on its ability to align innovation with trust, efficiency with resilience, and growth with responsibility.
The Bank of Mauritius will continue to provide a steady and principled anchor in the transition. Yet, lasting success will require collective discipline and collaboration across the financial sector.
By advancing thoughtfully and decisively, Mauritius can strengthen its position as a financial centre that is credible, adaptive, and prepared for the demands of a changing global environment.
Thank you for your attention…
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Dr Priscilla Muthoora Thakoor
Governor of the Bank of Mauritius
28 January 2026
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