Business updates

Following the announcement made by Government with regard to national confinement and the critical role of the banking industry, the Bank of Mauritius has come forward with a series of measures to ensure continuity in the provision of basic banking services by commercial banks.  

At a meeting held this Friday 20 March 2020 with the Mauritius Bankers Association and Chief Executives of major banks offering retail banking services on the domestic market, the following decisions have been taken, which will be applicable during for the confinement period:

- Banks will keep open branches in strategic locations to ensure a fair coverage. These branches will operate from Monday to Friday from 09:30 to 15:00 with minimal staff to provide basic banking services. A list of branches which will be open will be communicated to the public by the respective banks.  

- Banks will waive the fees applicable on shared ATM services. This will enable customers to have access to the ATM of any bank regardless of the issuer of the card without having to pay any fee.

- The Bank of Mauritius will continuously supply commercial banks with adequate banknotes for their ATMs. 

- The Bank of Mauritius will maintain the operation of its payment and settlement systems.

With a view to minimizing the contagion of COVID-19 and limiting physical movements to bank branches, the Bank of Mauritius strongly encourages the public to use internet banking facilities and other electronic modes of payments, such as cards and mobiles.

Governor Seegolam stated: “The Bank of Mauritius is fully committed to accompany stakeholders in these challenging times and is taking necessary steps to ensure the good functioning of the banking system and minimize economic disruption. I wish to thank the MBA and the CEOs of banks for their continued support and collaboration’.

Source: BOM