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Mauritius has a well-established banking sector, dating back to 1838, and there are currently 23 domestic and international banks on the island. Banks in Mauritius are provided with a single banking licence by the regulator, the Bank of Mauritius, which enables them to conduct both domestic and international transactions, and to carry out transactions in all currencies, including the Mauritian rupee.

The banking sector in Mauritius offers a wide range of services in the retail sector, from traditional banking facilities to card-based payment services, while for the corporate sector it provides specialised services such as fund administration, custodian services, structured lending, structured trade finance, trusteeship, international portfolio management, investment banking, private client activities, treasury and specialised finance and Islamic banking, amongst others.

In view of the significant opportunities in the region, Mauritius has identified specific opportunities for further investment and growth of its banking sector in areas including global business banking, private banking, investment banking and Islamic banking. It is also anticipated that there will be further growth of representative offices of foreign banks in Mauritius, and in the areas of treasury services, funds and trade finance.