Mauritius Targets $917 Billion Fintech Value for the Years Ahead

The Ministry of Financial Services, led by Minister Sunil Bholah, recently hosted a Fintech Consultative Workshop at Pointe-aux-Piments, aiming to explain the government’s commitment to creating a conducive environment for creativity, collaboration, and growth in the fintech sector.

The workshop marked a significant step towards the development of a National Fintech Strategy, which is expected to position Mauritius as a leader in the fintech industry in Africa.

The strategy is being developed in collaboration with the United Nations Economic Commission for Africa (UNECA), which has provided expertise in conceptualizing the national strategy for fintech and adopting a coordinated approach to promoting the development and implementation of new policies in the sector.

Fintech, which is short for financial technology, refers to the convergence of finance and technology, simplifying financial transactions for consumers and businesses, making them more accessible and affordable.

The term has evolved over time, with various sub-segments such as WealthTech, Insurtech, GreenTech, and LegalTech emerging.

The fintech industry has grown exponentially in recent years, with a global market size of USD 226 billion in 2023 and an estimated annual growth rate of over 16% over the next eight years, reaching a value of over USD 917 billion.

This growth is expected to bring new trends and challenges to the sector.

According to Minister Bholah, the goal is to engage in an open and constructive dialogue to drive the National Fintech Strategy forward.

A cross-disciplinary mindset is essential, and collaboration among bright minds from the fields of technology, finance, and other diverse fields is crucial.

The minister emphasized that fintech is a collaborative rather than competitive industry, focused on opportunities rather than threats.

He stressed that fintech plays a crucial role in stimulating economic growth, sustainable development, and prosperity.

The workshop aimed to gain knowledge on the current status, existing business models, market sizes, and constraints to the growth of the fintech sector.

This information will be used to formulate a national strategy that favors innovation, reduces costs, improves access and quality of financial services, and ensures market stability.

In his address, Minister Bholah highlighted the importance of fintech in driving economic growth and development.

He expressed his hope that Mauritius can become a leader in the region, leveraging its strategic location and favorable business environment to attract foreign investment and talent.

The National Fintech Strategy is expected to be a key driver of growth and development in Mauritius, positioning the island nation as a hub for fintech innovation and entrepreneurship.

The strategy will aim to create a conducive environment for fintech companies to thrive, attracting foreign investment and talent while promoting local innovation and entrepreneurship.

Source: Le Mauricien