Investor's Mag

29/05/2026

Mauritius’ merchandise imbalance widened to Rs 211.3 billion in 2025, underlining the structural pressures of an -driven still heavily dependent on , food, machinery and consumer goods from abroad. While the trade deficit narrowed slightly in the first quarter of 2026, the improvement reflected a sharper fall in imports rather than a meaningful rebound in competitiveness — highlighting the ongoing challenge of diversifying the island’s export base and strengthening external resilience.

Spotlight:
The Time Lag behind Mauritius’ Rate Hike Debate
Bank of Mauritius reports Rs 83 Billion Money Printing Allegation to Central CID
Mauritius seen exceeding Budget Estimate for 2025-2026
Producer Prices fall 0.4% as Vegetable Prices drop in March
Cim Finance launches MoPay Plus for Higher-Value Purchases
Abler Group brings Public and Private Sectors together ahead of Mauritius’ 2027 ESAAMLG Review
MCB announces $1 Billion Trade-Finance Envelope for African Markets
QBL Profit falls Sharply in First Quarter as Costs weigh on Margins
Miwa Sugar lifts Nine-Month Profit, with Operations in Tanzania and Kenya
ABC Motors’ Nine-Month Profit narrows
Constance Mauritius Ladies Open to bring 120 Amateur Golfers to Belle Mare
Absa Group names Leon Barnard as Pan-Africa Business Banking Chief Executive
Moka Rangers Sports Club opens New Facilities at La Promenade
Blast named Africa Agency of the Year 2026 by PRovoke Media
MIoD Forum puts Risk Governance Under Scrutiny as Global Uncertainty builds

Mauritius’ merchandise trade imbalance widened to Rs 211.3 billion in 2025, underlining the structural pressures of an import-driven economy still heavily dependent on fuel, food, machinery and consumer goods from abroad. While the trade deficit narrowed slightly in the first quarter of 2026, the ...

22/05/2026

Stephanie Ng Tseung, Head of Payments at MCB: “MCB’s Apple Pay launch strengthens Mauritius’ innovation position.”
With the launch of through MCB, Mauritius joins a select group of markets connected to one of the world’s largest ecosystems.

First introduced in the United States in 2014, Apple Pay has expanded across 78 markets and is now supported by more than 11,000 banking and network partners globally. The Mauritian rollout marks another step in the country’s broader digital-finance evolution, positioning the island within a rapidly transforming global payments infrastructure.

For MCB, the move reflects a wider push toward seamless, secure and globally connected digital banking experiences — as mobile wallets and contactless payments continue to reshape consumer behaviour.

Spotlight
Employment rises as unemployment falls to 5.7% in 2025
Mobile payments value climbs 24% as subscribers near 2.2 million
Non-residents remain net sellers on the SEM despite stronger April activity
Payment data quality emerges as a market issue

Markets
MCB Group profit rises 2.8% as higher tax charges weigh on earnings growth
SBM Holdings Q1 profit up 25.2%
Alteo reports Rs 599m nine-month profit as property earnings soften
Omnicane narrows Q1 loss as energy and financial services support EBITDA
ER targets EBITDA of around Rs 12bn for FY2026
Ascencia PBT rises 7.2% on stronger rental income
CIEL posts Rs 2.9bn profit as hospitality offsets textile decline
IBL revenue rises 15.2% as continuing operations profit improves
PhoenixBev revenue up 25.6% as finance costs and impairments pressure profitability
BlueLife revenue jumps 69% as smart city projects accelerate
UBP profit declines as domestic operations weigh on results
Gamma Civic profit rises 97% on lottery and building-materials growth
Automatic Systems posts Rs 10m Q1 loss as football margins narrow

With the launch of Apple Pay through , joins a select group of African markets connected to one of the world’s largest digital payments ecosystems.

12/05/2026

Investor's Mag — 35th Edition | Banking, Capital & Africa’s Next Corridor
Cross-border , flows and regional opportunity take centre stage in this new edition, as , leaders, investors and strategists explore how Mauritius continues to position itself at the intersection of global capital and African growth.

On the cover, Navin Ramdoyal, Chief Commercial Officer of AfrAsia Bank , outlines the bank’s next commercial chapter following Access Bank UK’s 76% stake. Backed by the Access Group’s footprint across 16+ African markets and key financial centres including , and , AfrAsia is expanding beyond niche banking to become a strategic bridge between international capital and African opportunity.

The cover story dives into a broader agenda: scaling trade finance, strengthening cross-border corporate banking, enhancing private wealth services, and reinforcing Mauritius’ role as a trusted international financial centre. In a rapidly evolving landscape shaped by digital transformation and AI, the fundamentals remain unchanged — trust, judgement, liquidity, relationships and ex*****on.

Inside this 35th Edition:
Voices from across industries including Romain Harel, Fabrice Zarour and Kevin Kim Lim bring perspectives on adaptation, regional growth and premium innovation.

In finance, insights from Oumesh Mungroo, Hajrah Sakauloo, Jean-Noël Nanapragassen, alongside institutions such as MCB, ABC Banking, Absa Bank Mauritius, HSBC Mauritius and Cim Finance, highlight the transformation of , and client expectations in a cash-lite economy.

A strong feature brings together leaders including Nousrath Bhugeloo, Hanjali Permalloo Leroux, Axelle Mounier, Helen Armstrong, Clémence Vidal, Karuna Ramessur, Anne Rajoo, Clara Odekerken, Nilinka Mohadoo and Alex Gregory-Peake, alongside Villa Vie — sharing perspectives on leadership, trust, reputation, technology, productivity and the evolving role of women in shaping business and society.

In and investment, Brett Gregory-Peake and Wallstone Telfair explore new models of development, capital flexibility and positioning Mauritius within high-value international projects.

On the cover, Navin Ramdoyal, Chief Commercial Officer of AfrAsia Bank, outlines the bank’s next commercial chapter following Access Bank UK’s 76% stake. Backed by the Access Group’s footprint across 16+ African markets and key financial centres including London, Paris and Hong Kong, AfrAsia i...

02/05/2026

Investment Momentum Builds: Direct Investment Reaches Rs 48.0 Billion in 2025
Gross direct into (excluding the Sector) climbed to Rs 48.05 billion in 2025, up from Rs 32.99 billion in 2024, according to preliminary estimates from the Bank of Mauritius.
That’s a 45.7% year-on-year increase, and nearly 30% above 2023 levels—signalling renewed investor confidence and stronger capital inflows into the domestic .
Beyond the headline number, the trend points to a broader dynamic: capital is returning, but in a more selective and competitive global environment.

Spotlight
tariffs to rise 15% from 1 May; non-essential power use to be restricted
arrears at reach Rs 25.7bn at end-March 2026
Sahara Energy awarded fuel oil contract as STC defends emergency procurement
Air Mauritius Asia routes unaffected by crisis, though fuel costs rise
Bloomage’s voluntary offer for BlueLife becomes unconditional
Mutual funds continue to hold their ground
AMM renews board as manufacturers push for international expansion
LUX Island Resorts posts higher nine-month revenue and profit
The Lux Collective appoints Aubrey Wang as GM of LUX* Chongzuo (China)
Absa brand value surpasses R30bn in Brand Finance ranking
MCB launches fully digital subscription route for mutual funds
AFC targets up to $5bn for Lobito Corridor financing
Standard Chartered and IFC launch $300m facility for African supply chains
Canal+ advances Johannesburg listing following MultiChoice acquisition

Gross direct investment into Mauritius (excluding the Global Business Sector) climbed to Rs 48.05 billion in 2025, up from Rs 32.99 billion in 2024, according to preliminary estimates from the Bank of Mauritius.

25/04/2026

Sharpening the IFC Pitch: Speed, Credibility and Relevance in Focus
The latest annual report from the Financial Services Commission points to a jurisdiction actively repositioning itself at a critical juncture.
Licensing activity is accelerating, new structures like Variable Capital Companies ( ) are being pushed forward, and AML/CFT supervision is tightening ahead of the 2027 ESAAMLG evaluation. At the same time, efforts are underway to strengthen a proposition geared toward -facing .
The message is clear: as competition intensifies, the International Centre must balance three imperatives—speed, credibility and relevance—to sustain its edge.

Spotlight
Drug money enters the frame as FCC restrains Rs 160m in assets
Assirvaden signals shift toward mandatory charging for EVs
EDF and CEB formalise partnership on training and grid modernisation
Ramgoolam puts SBM write-offs at Rs 14.34bn (2014–2024)
Roadmap unveiled for a plastic pollution-free economy
HEI-Blue Bootcamp launches to support blue innovation
Construction costs rise 4.6% in the year to March
Residential property prices close 2025 higher amid policy shifts
February mobile transactions ease from January but remain above last year
Why stocks are not a clean inflation hedge
ABC Banking launches UnionPay Diamond Debit Card
PhoenixBev - PBL reorganisation clears exchange review ahead of shareholder vote
Théodose Fleurié joins Hotels Attitude as Chief Hospitality Officer

The latest annual report from the Financial Services Commission points to a jurisdiction actively repositioning itself at a critical juncture.Licensing activity is accelerating, new structures like Variable Capital Companies (VCCs) are being pushed forward, and AML/CFT supervision is tightening ahea...

10/04/2026

MCB’s Africa Economic Compass: A More Fragile Macro Outlook Emerges
A new report by MCB Group signals a turning point for ’s trajectory. Just as several economies were regaining macro stability, the fallout from the conflict is now filtering through energy , , and external financing conditions.
The Africa Economic Compass highlights a continent facing diverging paths. importers are likely to come under renewed pressure, while some commodity exporters and critical-minerals producers may benefit from firmer prices.
As noted by Vicky Hurynag, the environment is increasingly shaped by contrasting forces—a fragmented global backdrop alongside emerging growth corridors driven by the transition, , digital expansion and investment in critical minerals.
The report also introduces a new Macroeconomic Pressure Index (MePI)—a forward-looking tool designed to assess vulnerabilities across key markets, with a closer look at , and .

Spotlight
hosts SADC workshop to expand trade in services for and youth-led businesses
Mauritius– ties deepen with $655m package and new energy and digital initiatives
Government moves to cushion Middle East shock as oil surge adds pressure
Silver Bank case returns to Parliament amid fraud probe and missing accounts
arrivals reach 348,445 in Q1 as earnings rise strongly
Gross official reserves ease in March but remain above year-earlier levels
depreciates by more than 5% over one year
Phoenix Beverages faces shareholder vote on reorganisation
Mauritius set to host first Ladies European Tour event with MCB Ladies Classic
Active ETFs gain ground in global asset management
Afreximbank launches $10bn Gulf crisis programme
Zimbabwe tightens control over lithium exports with quotas and processing rules
Sub-Saharan Africa growth outlook softens as external risks mount

A new report by MCB Group signals a turning point for Africa’s economic trajectory. Just as several economies were regaining macro stability, the fallout from the Middle East conflict is now filtering through energy markets, inflation, currencies and external financing conditions.

03/04/2026

Growth Outlook Cut to 3.0% as External Shocks Cloud the Horizon
The 2026 growth forecast has been revised down to 3.0%, from 3.4% at the start of the year, as rising tensions in the begin to weigh on the outlook.
According to , the downgrade reflects growing uncertainty linked to disruptions, higher global prices, and potential spillovers into , and flows. A downside scenario has also been outlined: growth could slow further to 2.3% if the conflict intensifies and persists through year-end.
The baseline assumes a shorter disruption, but the message is clear—external shocks are once again shaping the economic trajectory, reinforcing the vulnerability of small, open economies to global events.

Spotlight
6,926 overstaying as permit controls tighten
PM unveils Rs 1.5bn wage support scheme for firms, no collateral required
AML/CFT bill debate centres on reputation, enforcement and complacency risks
Labour market firms up at end-2025 as employment rises and unemployment eases
EOE sector ends 2025 smaller, with steady Q4 exports but lower annual trade
India, Bangladesh and Nepal account for 86% of remittance outflows
MCB secures new $100m climate financing line to expand lending in Africa
MCB wins three Euromoney Private Banking Awards, including a first continental distinction
Absa Bank Mauritius revenue rises to Rs 10.4bn in 2025; profit stable at Rs 4.6bn
Le Bocage to open new secondary campus at Savannah in 2027 (Rs 150m first phase)
SBM Bank Mauritius 2025 profit slips 2.9% despite stronger operating income
ASL loss deepens as impairments and tax claims offset higher betting activity
Omnicane profit down 25.5% on weaker energy revenue and softer commodity prices
Gamma profit drops 36% as contracting activity declines
Ernie Fernandez calls for stronger before accelerating adoption
MIoD brings digital governance debate into the boardroom
’s shock continues to ripple across economies

The 2026 growth forecast has been revised down to 3.0%, from 3.4% at the start of the year, as rising geopolitical tensions in the Middle East begin to weigh on the outlook.

27/03/2026

Businesses Need Policy Clarity to Invest with Confidence — Charles Harel
At its 177th Annual General Meeting, The Mauritius Chamber of Commerce and Industry - MCCI set out a clear private-sector message: while fiscal consolidation remains necessary, policy clarity, sequencing and visibility are now critical for businesses to plan and manage risk.
Outgoing President Charles Harel underscored that confidence is not just a function of macro stability, but of predictability in policy direction. The session brought together key public and private stakeholders, including Ministers Dhananjay Ramful, Michaël Yeung S*k Yuen and Aadil Ameer Meea, alongside members of the corps and industry leaders.
The takeaway: investment follows clarity—and in a shifting global and domestic environment, visibility is becoming as important as policy itself.

Spotlight
risks deepen as core prices remain elevated
The cost of a brush with junk status comes into focus
Mobile transaction values rise 23.4% to Rs 29.95bn in January
Lending grows 10.4%, led by housing, and
Industrial output rises 1.3% in Q4 as manufacturing and electricity advance
Terms of trade improve as import prices remain flat
How M&A financing is returning in 2026
AIM and Kantar affiliate analysis highlights ’s brand impact
and place ICT partnerships at the centre of the Lusaka Forum
L’Aventure du Sucre refreshes the story of cane as New Grove joins the visitor route
MCB Talk focuses on energy vulnerability
Cim Finance and SBI (Mauritius) Ltd launch co-branded Easypay cards
Anju Issur, Head of Global Markets, Absa Bank Mauritius : “This is no longer a cycle dominated purely by central bank policy—geopolitics now feeds inflation and rates.”

At its 177th Annual General Meeting, the Mauritius Chamber of Commerce and Industry set out a clear private-sector message: while fiscal consolidation remains necessary, policy clarity, sequencing and visibility are now critical for businesses to plan investment and manage risk.

20/03/2026

Absa pushes further Into Digital Payments with Mauritius’ First Multi-Currency Virtual Card
Absa Bank Mauritius Limited is pushing further into the space with the launch of what it describes as the country’s first .
Developed in partnership with Visa, the solution is fully embedded within the Absa Mobile Banking App — allowing customers to create, load and use a card instantly, without a physical card or branch visit.
Supporting five currencies — , , , and — the product reflects a clear shift in retail behaviour, as online purchases, international spending and subscriptions become increasingly mainstream. The core idea is simple: one digital interface to manage multi-currency spending seamlessly.

Spotlight
Prime Minister Navin Ramgoolam warns of growth downgrade: “It will impact on our budgetary estimates and outlook”
2026 begins with a narrower deficit as imports fall faster than exports
2025: food crops rise, sugar cane recovers, while tea and fish weaken
MIC recovers Rs 6.7bn as 19 companies redeem bonds under disinvestment drive
move closer to mainstream payments
MCB transaction for Karpowership affiliate wins two Africa-focused finance awards
Zethical picks up multiple honours at the 2026 Africa SABRE Awards
Blast Burson wins Diamond SABRE Award and a 12th African SABRE honour
Emtel’s 2025 accounts show stronger core earnings and higher shareholder payout
Kolos Cement’s 2025 profit rises 63.6% as cash generation strengthens

Absa Bank (Mauritius) Limited is pushing further into the digital payments space with the launch of what it describes as the country’s first multi-currency virtual card.

09/02/2026

This week in Investor’s Mag Weekly (No.69 | 09 Feb 2026)**

— “The Weaponisation of Capital: Risk, Return and Resilience”**
Bilal Adam CA (SA), CEO of Stewards Investment Capital, looks at how geopolitics is reshaping capital flows, liquidity, and the definition of “safe” assets in an increasingly fragmented financial system.

**Opinion — : A Tactical Breather in a Strategic Contest**

Pomiès, Co-Founder & Managing Partner at AM, frames the AGOA extension as short-term relief for exporters rather than a structural shift—arguing the real contest is Africa’s place in the reshaping of global value chains.

**Policy & IFC**
At the launch of Mauritius, Minister Jyoti Jeetun said financial services and insurance “remain a key pillar of the economy,” tying the sector’s role to the Vision 2050 consultations and Mauritius’ positioning as a conduit for capital flows between Africa and Asia.

**Real Estate**
Property Fund notified BlueLife Limited of its intention to launch a voluntary offer at Rs 0.75 per share, aiming to build a “combined, stronger and more diversified real estate cluster.”

**Tourism — AXYS View**
points to a structural imbalance: hotel occupancy above 80% versus only 45.6% for non-hotel capacity. Non-hotel visitors also stay longer (about 15 nights vs 9.1), and AXYS estimates better utilisation could lift annual tourism receipts by roughly Rs 2.1bn.

**Hospitality — NMH**
New Mauritius Hotels shows stabilising operating conditions as occupancy normalises and non-hotel segments continue to improve.

**Mainland Watch**
Across Africa, debt pressures, currency volatility and refinancing needs continue to shape the 2026 risk backdrop, with fresh deal flow and policy moves emerging across regions.