Financial Literacy Initiatives

Financial Literacy Week Rodrigues 2022 Part 1

Financial Literacy Week Rodrigues 2022 Part 2

Eclairage Economique - Virtual Asset

Peer To Peer Lending

Training in Financial Services

Crypto Money and Blockchain

Compliance with FATF recommendations

IICF to work in close collaboration with Mauritius Police Force to create a database to identify each and every victim of Hit and Run and indemnify them. To perform beyond our scope of competence to become a role model institution like our international counterparts.

We aim to become one of the pioneering institutions in the insurance industry where the Public is gaining more trust and confidence in the insurance sector. We will use our best endeavors to cater for every Hit and Run victim across Mauritius and Rodrigues. We will use our expertise and wisdom to bring tailor-made amendments in our legislation to fulfil the needs of our beneficiaries and their heirs respectively.

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The Financial Services Fund participated in the Mauritius Emerging Technologies Exhibition (METX) Event at SVICC Pailles from 09 to 12 May 2024.

The event enabled the FSF to showcase latest developments in the Fintech and AI sector related to Financial services at regulatory level. Interactions with the public included visits at the stand, presentation, quiz and distribution of educational materials. 

Watch full video of the event

The Financial Services Fund (FSF), participated in the IOSCO World Investor Week (WIW) from 07 October to 14 October 2024. In line with the topic chosen which was Technology and Digital Finance, Crypto Assets and Sustainable Finance, a number of initiatives were organised. Two outreach sessions were held, the first in Riche En Eau and the second in Lallmatie.

The growing importance of Digital Finance, Crypto Assets and Sustainable Finance were explained to the audiences during these sessions. Broadcast Media was also used to educate the population on the said topics through interviews broadcasted on National Television and Radio at peak hours. Print media and the social media pages of the FSF on facebook and instagram (Harmoney by FSF) were also used to disseminate relevant information.

The WIW is a week-long, global campaign to raise awareness on the importance of investor education and protection, and to highlight the various initiatives of securities regulators in these two critical areas. The campaign also aims to strengthen collaboration among IOSCO members on these areas and foster learning opportunities for investors.

Watch full video of the event

Along with sessions for consumers of financial services, the FSF Unit also carries out specific outreach events in educational institutions.   

The FSF Unit had two sessions at Polytechnics Mauritius, Ebene Branch on 30th January and 28th May 2025.

The sessions concerned students of the institution, including those pursuing the Certificate in Accounting and Financial Operations (CAFO) course.

Presentations were made to them on the Financial Services Sector, the role of the FSC, as well as study and career prospects in the field of financial services.

Students got the opportunity to interact with representatives of the FSF Unit during the sessions.

The Financial Services Career Fair 2023, took place at the Atal Bihari Vajpayee Tower, Ebene on Friday 23rd June – Saturday 24th June.

The event was organised by the Financial Services Fund with the collaboration of Mauritius Finance, the Insurers’ Association of Mauritius and the Financial Services Institute (FSI). The event regrouped some 40 institutions with over 1,000 immediate job openings available for recruitment. Some 3,000 CVs were received during the event, with over 1,000 interviews conducted on the spot.

Job seekers were invited to attend the free Career Fair, where they could explore numerous employment opportunities in the Financial Services Sector.   Local employers from the Financial Services industry were present at this Career Fair, namely, Global Businesses mostly the Management Companies, Banks, Insurance companies, Auditing & Accounting firms,  Legal firms, Credit Finance, Universities, Training Institutions amongst others.  The population at large joined this Career Fair which has been a platform for connecting job seekers with potential employers. The event aligned with the sector’s needs for the recruitment of qualified local workforce in view of the increasing challenges.

Watch full video of the event

The Hackathon was held from Friday 23 June to Saturday 24 June in Nex Tower, Ebene. It was a closed-door non-stop 24-hour competition, opened to all developers, designers and tech enthusiasts, with the objective of creating innovative apps that promote financial literacy.

14 teams of 3-4 members each competed for the development of a financial education game designed to help users become more conscious of money management and better manage their finances.

The financial education game aims at allowing users to categorise their expenses, track their revenues, create a monthly budget, define short, medium, and long-term plans and goals, and view their spending patterns through graphs and charts. The game will also provide yearly budgets and recommendations to help users achieve their financial goals.

This initiative was in line with the growing importance of financial technology (fintech) and its integration in the financial services sector.

Prizes were awarded as follows:

Watch full video of the event

Watch Hackathon Awards Ceremony

The FSF, on its mission to create awareness on Financial Literacy and Financial technologies, has embarked on a project to wrap a Metro express train and use other facilities provided by Metro Express for a period of one year to disseminate relevant messages. The initial design focused on Fintech and conveyed basic information on the Fintech world through terms like crypto and virtual assets, peer to peer lending, crowd funding, amongst others, and was launched on 15th April 2022.

An event was held on Friday 02 December 2022 where the newly wrapped Metro Express Train (carrying the logo and messages in relation to commemoration of 30 years of the Mauritius international Financial Centre) was launched.

New Metro Wrapping Contest

A metro wrapping competition was launched in November 2023 and the award ceremony held in July 2024. The Competition based on the theme of ‘sustainable finance’, was open to the public. 59 entries were received for this competition. Participants winning the first and second prizes, apart from receiving cash prizes have their works displayed on a metro express train for a period of one year, an initiative which is part of an agreement with Metro Express Limited (MEL). The theme is in line with the growing importance of Environmental Social and Governance considerations in the field of financial services.

The Winners of the competition were as follows:

Watch full video of the event

The FSF unit participates in weekly events held around Mauritius as part of the ‘Ansam avek CSU’ National initiative under the aegis of the Prime Minister’s Office. The objective of this ongoing initiative is to reach out to the population in different areas through dedicated information stands to impart financial literacy. Financial literacy materials are also distributed during these sessions.

The campaign was carried out at the following places for the year 2022.

The Financial Literacy Week was organised in Rodrigues from 16-20 August 2022.

A delegation comprising representatives of the FSC, the FSF, which operates under the aegis of the FSC, the MRA, the FSI as well as industry representatives from the Insurance and Fintech sectors of Mauritius addressed participants during the event.

The Minister of Financial Services and Good Governance Hon. Mahen Kumar Seeruttun and The Chief Executive of the FSC Mr Dhanesswurnath Thakoor were part of the delegation.

It is to be noted that resource persons from the insurance industry in Rodrigues and the Rodrigues ICAC office also intervened during the sessions.

The various sessions held were as follows:

1. A panel discussion regrouping members of the delegation present in Rodrigues, including representatives of the Insurance Association of Mauritius, the Insurance Institute of Mauritius (IIM) and the insurance sector of Rodrigues was held on 16th August at the Mon Plaisir Cultural Centre after the launching event. The Panel discussion was an opportunity to discuss on the development of the insurance sector in Rodrigues and new technologies, amongst others.
2. A career guidance session was also held on 16th August at Mon Plaisir, regrouping young graduates and school leavers. Study and employment perspectives in the financial services sector were discussed during the session.
3. A full day session on Fintech, Virtual Assets and alternative modes of financing was held on 17th August at Mon Plaisir. Resource persons were from the FSC, the FSI and the Fintech Industry. Developments happening in the Fintech space, including the coming into operation of the VAITOS Act were discussed during this session.
4. On the same day, a training session on insurance was held at the FSC office in Port Mathurin. Resource persons were from the Insurance Association of Mauritius and the Insurance Institute of Mauritius. Attendees were stakeholders of the insurance industry in Rodrigues and were trained on the principles of underwriting and claims, amongst others.
5. On the 17th of August itself, sessions were organised for secondary school students in Rodrigues College and Le Chou College Gymnasium regrouping students from Le Chou, Marechal, Mon Lubin and Terre Rouge Colleges. Students were given an overview of the financial services sector and were exposed to study and employment opportunities in the financial services sector.
6. Sessions for SMEs and Public Officials were held on 18th August while those for NGOs and Cooperatives were held on 19th August at Mont Plaisir. Participants were explained on financial literacy skills, relevant to their day to day activities and how they can also act as agents for dissemination of financial literacy amongst their various stakeholders.
7. Finally a session was dedicated to FSC licensees and stakeholders of the financial sector on 20th August at the FSC Office in Port Mathurin, where latest developments in the Financial sector were discussed, amongst others.

Along with the various presentations, informative materials and tokens were distributed to all participants of the sessions.

It is to be noted that the event saw the participation of members of the Rodrigues Regional Assembly, including the Deputy Chief Commissioner Mr Franceau Grandcourt. Mr Francisco Francois, Parliamentary Private Secretary (PPS) and Mr Buisson Leopold, Member of the National Assembly were also present during the various sessions.

All the dignitaries expressed their satisfaction for the flawless organisation and reiterated the need to have more such events in the future.

Following the sessions held, various stakeholders from Rodrigues have also requested that Financial Literacy sessions be held at regular intervals, including in schools.

It is expected that specific sessions on areas like Fintech and career guidance, amongst others will be held on a regular basis.

The Virtual Asset and Initial Token Offering Services Act 2021 (the “Act”) has come into force on the 7th of February 2022.

The Act sets out a comprehensive legislative framework to regulate the business activities of virtual assets service providers and initial token offerings. It has been developed inter alia in accordance with international standards established by the Financial Action Task Force to manage, mitigate and prevent anti-money laundering and countering the financing of terrorism risks associated with these emerging and innovative business activities.

Any person who is currently carrying out the business activities of:

(i)  a virtual asset service provider or an issuer of initial token offerings in accordance with the Act; or

(ii) a custodian (digital assets) in accordance with the Financial Services Act,

is required to apply for a licence or registration (as applicable) with the FSC not later than 3 or 18 months after the commencement of the Act, respectively.

Pursuant to the provisions of the Act, it is an offence for any person to carry out the business activities of a virtual asset service provider or an issuer of initial token offerings in or from Mauritius without an appropriate licence issued by the FSC. In accordance with Sections 7(2) and 23(2) of the Act, any person found in contravention thereof shall commit an offence and be, on conviction, liable to a fine not exceeding 5 million rupees and to imprisonment for a term not exceeding 10 years.

The FSC therefore advises industry stakeholders and the public to:

1. transact only with duly licensed virtual asset service providers or registered issuers of initial token offerings under the Act; and
2. report forthwith on any potentially suspicious, unlicensed or unregistered virtual asset service providers and issuers of initial token offerings, as the case may be, to the FSC.

The FSC has published FAQs on its website (www.fscmauritius.org) and also established a dedicated phone line (404 5646) to assist industry stakeholders and the public with any query or reporting.

A sensitisation campaign took place in August - September 2022 where the public was made aware of the new legislation through:

• Video Clip broadcasted on MBC TV
• Radio Clip broadcasted on Radio channels
• Production of brochures, posters and infographics

Billboard campaign throughout the island

The first edition of the Creative Art Competition was launched in December 2018. The objective of the competition is to encourage participants’ creativity and innovation.  The theme chosen for the 2021-2022 edition was ‘Artificial Intelligence: Its impact on the Financial Services Sector.

The participants were called upon to produce Video / Cartoon clips of not more than 90 seconds on the given theme.

• The prizes are as follows:
  • o 1st prize: Rs 150,000
  • o 2nd prize: Rs 100,000
  • o 3rd prize: Rs 75,000 and

A pen drive for each participant.

About 30 participants took part in the competition.

The Mobile App Gaming Competition was launched in 2021. The Competition was opened to all citizens of Mauritius.

The objective of the Mobile App Gaming Competition was to encourage participants to show talent, creativity and innovation in digitisation of financial literacy.

Participants were invited to include different components like Expense tracking, Savings assistance, Business assistance, Investment simulation and other financial literacy processes in their proposals. The best ideas/concepts will be considered while developing the main FSF Financial Literacy App.

• The prizes are as follows:
  • o 1st prize: Rs 150,000
  • o 2nd prize: Rs 100,000
  • o 3rd prize: Rs 75,000 and

A pen drive for each participant.

Around 15 teams took part in the competition.

The Young Talent Competition (YTC) is a yearly feature organized by the Financial Services Fund where secondary school students are invited to participate in the competition through their respective school.

The objectives of YTC are as follows:

o Promote financial literacy and a better understanding of the financial services sector among secondary school students in Mauritius.

o Practice financial planning, inculcate the habit of managing finance.

o Facilitate the selection of suitable investment projects to match objectives and priorities.

o Help choosing a field of professional education and explore future employment opportunities.

o Understand risk-return matrix to make informed investment decisions.

For the 2021-2022 competition, the theme was - ‘Artificial Intelligence: Its impact on the Financial Services Sector’ and the categories were as follows:

a)  Category 1: Art Competition - Reserved for students of Grade 7 to Grade 9 of any secondary schools in Mauritius (With 3 participants per team).

Option A: Drawing

Option B: Creative presentation

Number of participating students: 171

b)  Category 2: Quiz Competition - Reserved for students of Grade 10 and Grade 11 of any secondary schools in Mauritius (With 3 participants per team).

Number of participating students: 402

c)  Category 3: Debate - Reserved for students of Grade 12 and Grade 13 of any secondary schools in Mauritius (With 3 participants per team).

Number of participating students: 489

1062 students participated in the YTC 2021-2022.

The prizes for each category are as follows:

1st prize:         Rs30,000 per participant + YTC Challenge Trophy

2nd prize:        Rs20,000 per participant

Creative Art Competition

Mobile App Gaming Competition

Young Talent Competition

Category 1- Art Competition

Category 2- Thematic Presentation Competition

Category 3- Essay