MAURITIUS Trends and Developments Contributed by: Gilles Athaw and Jason Barbe, Bowmans
In 2025, the financial landscape in Mauritius has undergone transformative shifts that demonstrate the country’s commitment to innovation while main- taining stability. This article highlights the year’s key banking and finance milestones. From the fine-tuning of its monetary policy – with the Bank of Mauritius keeping the key repo rate at 4.5% to anchor inflation and support the rupee – Mauritius shows a steady but progressive hand in economic management. In parallel, the country has rolled out initiatives that blend innovation with firm regulation: the ongoing Digital Rupee pilot places Mauritius at the forefront of CBDC experimentation in Africa; a new framework for bul- lion banking widens the sector’s scope; electronic bills of exchange streamline cross-border trade; and full legal recognition of electronic signatures modernises property and secured-transactions practice. Taken together, these reforms underscore Mauritius’s deter- mination to foster a financial ecosystem that balances technological progress with regulatory robustness, thereby bolstering investor confidence and systemic resilience. Growing Focus on the Digital Rupee (CBDC) The Digital Rupee pilot sits at the heart of Mauritius’s plan to modernise its payments landscape. Tested in a controlled environment, the pilot aims to drive innovation without compromising monetary or finan- cial stability. Beyond domestic retail use, the project explores wholesale CBDCs for cross-border pay- ments to facilitate regional and global trade. Demand for digital payments underlines the case: mobile transactions jumped from MUR1.8 billion in February 2020 to MUR25.7 billion in April 2025, while internet- banking volumes doubled to MUR647 billion. Introduction of Bullion Banking To diversify the banking sector and cement Mauri- tius’s status as an International Financial Centre, the government has enabled bullion banking. Section 7D of the Banking Act now authorises licensed banks to buy, hold, store and sell precious metals – gold, silver, platinum and others – in their own name or for clients. The framework is aligned with global AML/KYC stand- ards and best practices for precious-metals custody, enhancing regulatory credibility. Banks may also pro- vide vaulting for high-value items such as art, antiques and gemstones, opening a new line of sophisticated
wealth-management services and attracting hedge funds and high net worth investors seeking exposure to physical metals. Recognition of Electronic Bills of Exchange Amendments introduced by the Finance Act 2025 bring electronic bills of exchange into Mauritian law. The updated Bills of Exchange Act establishes rules for electronic records and mandates reliable systems for issuance and lifecycle management. The legisla- tion mirrors the UNCITRAL Model Law on Electronic Transferable Records, making Mauritius the first Afri- can state – and one of a handful of jurisdictions world- wide – to adopt this cutting-edge standard. The move delivers legal certainty, reduces settlement times, and dovetails with the G7’s digital-trade principles, rein- forcing the functional equivalence of paper and elec- tronic trade documents. Formal Recognition of Electronic Signatures The same Finance Act formally recognises electronic signatures across a wide spectrum of transactions, from issuing and endorsing bills of exchange to reg- istering mortgages and other security interests. Docu- ments filed electronically with the Registrar General or the Conservator of Mortgages, once signed with a secure e-signature and accompanied by a statement of compliance with the Electronic Transactions Act, now enjoy the same legal validity as wet-ink originals. This reform eliminates remaining paper bottlenecks, supports remote execution, and complements broad- er fintech ambitions. In conclusion, the 2025 reforms show Mauritius’s abil- ity to harmonise economic stability, robust regulation and digital innovation. By pairing a steady monetary stance with bold legal and technological upgrades, the country not only strengthens its position as a regional banking hub but also offers a blueprint for emerging markets seeking sustainable growth and investor trust in a digital era.
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