Digital Banks

The Bank of Mauritius has an open mind policy with regards to technological innovations embraced by banks, provided they are able to demonstrate to the satisfaction of the regulator that adequate risk management processes are in place. The law was amended in August 2020 to allow the central bank to grant a banking licence to a bank for carrying out exclusively digital banking business. 

Digital banks may also be exempted from such provisions of the Act and be subject to such terms and conditions and guidelines as the central bank may determine.

Procedures:

1. Restricted Digital Bank
2. Mobilisation Period (2 years)
3. Transitional Period (3 years)