Authors: Raj Kishen Moloo
A sound financial and Information Technology (IT) infrastructure, an ever increasing IT and mobile literate population; Banks in Mauritius have all the necessary ingredients in introducing and establishing Mobile banking to its customers. From a mono-economy based on agriculture in the 1960’s to a sound Financial and Digital economy, Mauritius has reinvented its ways of doing business, focussing on customer services. Convenience is the keyword for customers; and banks’ competitive advantage depends on their ability to unleash the power of self-service to the convenience of its customers. This paper prospects the readiness of Mauritius in accepting and introducing Mobile Banking. It provides a status of the different sectors involved like Information and Communication Technology (ICT), the banking sector along with the respective regulatory authorities. Finally it provides a strong business case for Banks, Financial institutions and other new business alliances in Mauritius to introduce this new service to its customers, with possible gains in terms of customer retention and satisfaction, potential time and cost saving and providing “Banking on the Move” at the convenience of the customer.