Visa Workshop Boosts Mauritius Goal: Attract 130,000 SMEs for Growth

Visa (NYSE: V), a global leader in digital payments, held an exclusive workshop yesterday aimed at strengthening small and medium-sized enterprises (SMEs). The event, titled “Strengthening SMEs: A Strategic Catalyst for Digital Commerce and Economic Growth,” was organized in partnership with local commercial banks.

The workshop brought together senior bank executives, SME segment managers, SME clients from the banks, and key economic players in Mauritius.

It was specifically designed to help entrepreneurs and SMEs unlock new opportunities in digital commerce and promote sustainable economic growth across the island.

SMEs are the backbone of Mauritius’s economy, accounting for over 40% of GDP, employing more than half of the workforce, and often driving innovation.

Despite their importance, they face challenges such as limited access to affordable financing and suitable financial solutions.

Christian Mbonampeka, Visa’s Country Manager for the Indian Ocean Islands and Djibouti, said: “Visa is pleased to partner with local banks to organize this workshop, bringing together bank leaders, SMEs, and sector influencers.

This event provides a platform to explore how SMEs can benefit from Visa’s innovative payment solutions to thrive in an increasingly digital economy. It also highlighted the significance of the Mauritian market for Visa.”

Dhaneshwar Damry, Junior Minister of Finance, emphasized the vital role of SMEs in the economy:

“The SME community is like a family — it contributes significantly to our country’s social and economic fabric, even if it doesn’t always get the recognition it deserves.”

He added that most SME activities generate positive social impacts, which are crucial to ongoing economic reforms aimed at promoting socially meaningful sectors.

Referring to the national strategy outlined in the Innovative Mauritius budget, the minister highlighted the country’s commitment to adaptability and progress:

“We understand the importance of innovation and the need to adapt to change—embracing, managing, and mastering it. If we don’t, Mauritius risks falling behind.”

The government is focusing on three key sectors for sustainable transformation: green industrialization, blue economy, and especially digitalization and artificial intelligence.

Business Investments – Minister Calls for Mauritius as a Strategic Hub

The Junior Minister of Finance has urged global companies to see Mauritius as a strategic base for expansion.

Minister Damry suggested that companies like Visa should consider setting up their regional headquarters in Mauritius to use the island as a springboard to other African markets.

While acknowledging that Mauritius’s domestic market is small—around 130,000 SMEs—he emphasized the country’s strong financial services sector, which international firms like Visa can leverage.

He also highlighted government efforts to create frameworks that support regional growth.

“The potential of your market goes beyond the number of SMEs in Mauritius,” he said. “Our country can become a hub for serving SMEs across Africa.”

He pointed out that intra-African trade is still only about 15%, compared to 70% within Europe and 55% within Asia, indicating significant growth opportunities.

The minister reaffirmed the government’s commitment to creating a favorable investment climate.

“We support investors and growth by providing stability, predictability, and confidence,” he said. “We want more companies and startups to see Mauritius as a launchpad for their regional expansion.”

He encouraged businesses to seize this opportunity, emphasizing that Mauritius is open for investment and innovation.

Visa’s Regional Director for East Africa, Mary Kang’the, explained the company’s solutions for SMEs. She said:

“This workshop is an opportunity to showcase Visa’s dedicated tools for SMEs, such as Visa Commercial Solutions and Visa Money Movement Solutions.

We work with financial institutions and fintechs to help SMEs access business credit cards, financing programs, and expense management tools.”

The event highlighted how SMEs can benefit from contactless technology to speed up transactions, boost sales, and build customer trust. Participants, especially local banks and their SME clients, responded positively.

Global Visa solutions for SMEs include:

• Digital Payment Solutions: Affordable POS terminals, contactless cards, QR codes, and online payment gateways for accepting Visa.
• Business Credit Cards: Cards designed for SMEs to manage expenses, improve cash flow, and earn rewards.
• Business Tools & Analytics: Platforms like Visa Business Reporting and Small Business Hub to manage finances and operations.
• Security & Fraud Protection: Tools like Visa Secure and real-time fraud detection to safeguard transactions.
• Marketing & Training Support: Free resources, digital marketing kits, and training programs to help SMEs grow.

These solutions enable SMEs to reach more customers, including those preferring cashless payments. As a future-focused brand, Visa aims to lead the digital transformation of commerce, giving SMEs the tools they need to simplify transactions and enhance customer experience.

Source: Le Mauricien