AGP Executive Report

Mauritius Fintech Push: Mauritius launched its 2026–2030 National Fintech Strategy, aiming to make the island Africa’s “trusted fintech hub” through six pillars spanning regulation, digital infrastructure and cybersecurity, talent, market growth, international collaboration, and financial inclusion with consumer protection. Cross-Border Payments: India’s NPCI partnered with HSBC India and JP Morgan Payments to enable real-time FX settlement for international UPI transactions, with banking partners providing live currency conversion via API integration. UPI Growth Watch: UPI transactions in India moderated month-on-month to 22.72 billion in June (₹28.9 lakh crore), though value rose about 20% year-on-year; daily averages hit a record 757 million transactions. Air Mauritius Governance: Air Mauritius said its board may refer Kroll’s forensic findings on fleet transactions during its 2020/21 voluntary administration to Mauritius’ Financial Crimes Commission and police. Fuel Costs for Airlines: India cut ATF by Rs 5 per litre from July 1, alongside revised export duties on petrol, diesel and ATF. Healthcare Deal: Remgro completed its $947m acquisition for full control of Mediclinic Southern Africa, with operations spanning hospitals and ER24 across South Africa, Namibia and Mauritius. Digital Economy Boost: Google Cloud projected $90.6bn in added economic output and nearly 315,000 jobs in South Africa by 2030, unveiling five AI initiatives for Africa. Aviation Connectivity: Ghana’s parliament ratified bilateral air service agreements with Mauritius and five other countries to expand passenger and cargo links.

Mauritius Fintech Push: Mauritius has unveiled its 2026-2030 National Fintech Strategy, aiming to make the island Africa’s “trusted fintech hub” through six pillars covering regulation, digital infrastructure and cybersecurity, talent, market growth, international collaboration, and financial inclusion with consumer protection. Cross-Border Payments Momentum: India’s NPCI reported UPI value at Rs 28.9 lakh crore in June (+20% year-on-year) and 22.72 billion transactions, with daily averages hitting a record 757 million—while NPCI also partnered with HSBC India and J.P. Morgan Payments to enable real-time FX settlement for international UPI payments, including in Mauritius. Local Financial Services & Markets: Dovetail Capital raised Rs 100 crore in a Series A led by Elev8 Venture Partners to expand global asset servicing, noting regulated operations in Mauritius among other jurisdictions. Aviation & Connectivity: Air Mauritius said its board may refer Kroll findings on fleet transactions to Mauritius’ FCC and police, following a review of aircraft sales and leases during its 2020/21 voluntary administration. Business Deals: Maritimo appointed KJM Marine as its exclusive dealer across the GCC and parts of the Middle East and Indian Ocean, including Mauritius and the Seychelles. Regulatory/Compliance Spotlight: Parliament in Ghana ratified air services agreements with Mauritius and five other countries to boost passenger and cargo connectivity. Investment & Trading Platforms: Siris Broker launched as an FSC-licensed CFD/FX brokerage in Mauritius, offering 350+ instruments and segregated client funds.

Mauritius-US trade calendar: The U.S.-Africa Business Summit has been rescheduled to December 6–9, 2026 in Mauritius, after earlier postponement linked to the Ebola situation in Central Africa, with organisers expecting 2,500+ delegates and a renewed push for U.S.-Africa trade and investment. Fuel policy with Mauritius link: India revised its windfall gains export duties effective July 1, cutting diesel (to Rs 8.5/litre) and ATF (to Rs 7.5/litre) while raising petrol (to Rs 4/litre); importantly, exemptions for public-sector oil exports were expanded to include Mauritius (and the Maldives), while domestic excise duties stay unchanged. Airline cost relief: India also cut domestic ATF by Rs 5/litre to about Rs 110, offering near-term relief to carriers, though immediate airfare drops are not guaranteed. Digital payments momentum: India’s UPI hit 23% year-on-year growth in June to 22.72 billion transactions, and UPI is now live in Greece—another step in cross-border payments that already includes Mauritius. Luxury marine business: Maritimo appointed KJM Marine as its exclusive dealer across the GCC and selected Middle East/Indian Ocean territories, including Mauritius and the Seychelles, with full sales and after-sales support.

Fuel Policy Watch: Mauritius-linked export exemptions expanded as India revised its fuel windfall gains tax for the fortnight from July 1—petrol export duty lifted to Rs 4/litre (from Rs 1.5), while diesel fell to Rs 8.5/litre (from Rs 14) and ATF to Rs 7.5/litre (from Rs 12.5), with public sector exporters now exempting supplies to Mauritius and the Maldives. Cross-Border Payments: India’s UPI went live in Greece via Eurobank and NPCI International Payments Ltd, enabling instant, secure, lower-cost transfers for eligible users; UPI is already active in Mauritius and nine other markets. Mauritius Business & Tourism: Mauritius showcased its MICE push at IMEX Frankfurt 2026, pitching the island for conferences, incentive travel and executive retreats, with a pipeline of new opportunities including GCC-focused promotion. Local Governance & Policy: Mauritius pension reform debate continues as commentary questions whether changes to the Basic Retirement Pension can be made without breaking the social contract. Aviation & Travel: Emirates unveiled a next-generation signature lounge concept, with redesigned lounges planned for Mauritius in August. Business Justice: Kenya’s Anglo Leasing corruption appeal stalled again as the Court of Appeal failed to set a hearing date, prolonging uncertainty for accused former officials and businessmen.

Mauritius MICE Push: Mauritius showcased its expanding meetings, incentives, conferences and exhibitions offering at IMEX Frankfurt 2026, with the Mauritius Tourism Promotion Authority leading a delegation that met international buyers and built a pipeline around luxury events, familiarisation visits and GCC promotion. Digital Payments Expansion: India’s UPI went live in Greece via the Eurobank-NPCI partnership, enabling instant cross-border transfers at lower costs; UPI is now accepted in 10 countries including Mauritius. Mauritius-Linked Finance Education: EBC Financial Group renewed its partnership with Oxford’s Department of Economics for three more years, sponsoring webinars to widen access to economic research. Fraud Court Case: Nigeria’s EFCC continued the trial of Ifoma Immanuel over an alleged $1.5m fraud tied to claims involving Chappal Energies Mauritius, with witnesses from GTBank testifying on fund movements. Policy Debate at Home: Mauritius pension reform coverage continues to focus on the tension between fiscal sustainability and protecting the universal Basic Retirement Pension. Business & Tech in Africa: On-us launched Smart E-Vouchers on Google Wallet, while Adira Finance said AI voice agents helped cut operational costs and improve loan payment reminders.

Pension Reform Fallout: Mauritius’ 2026-27 pension overhaul is still roiling debate as commentators warn that freezing the means test and shifting eligibility rules risks undermining the universal Basic Retirement Pension that underpins the social contract. Regulatory Whiplash: A separate business-focused piece argues that sudden policy changes across Africa—more than tax levels—raise the real cost of doing business by breaking long-term planning assumptions. India–Mauritius Links: During PM Modi’s Seychelles visit, Mauritius PM Navinchandra Ramgoolam met him to review cooperation on skilling, defence, energy and cyber security, with progress under India’s Special Economic Package highlighted. UPI for Indian Ocean Tourism: Seychelles signed an MoU with India’s NPCI to bring UPI payments to the island, aiming to make cashless spending easier for Indian visitors—an opportunity for regional tourism-linked commerce. Local Business & Markets: Mauritius-based FII Magnifica Global Opportunities raised its stake in Zee Media to 5.04% via 4.5 crore convertible warrants, underscoring continued cross-border investment activity. Tourism Promotion: Mauritius’ MTPA wrapped a three-city South Africa roadshow (Cape Town, Durban, Johannesburg) with 260 travel professionals, pushing new B2B partnerships for the island’s travel trade.

Indian Ocean diplomacy: PM Narendra Modi’s Seychelles visit (Golden Jubilee) underlined India’s push to deepen maritime and defence ties, with talks covering health, education, digital transformation, renewable energy and security, plus a Line of Credit and a first-ever address by an Indian PM to Seychelles’ National Assembly. Mauritius-India cooperation: Modi met Mauritius PM Navinchandra Ramgoolam in Victoria to review the India–Mauritius Enhanced Strategic Partnership and progress under India’s Special Economic Package, with focus on defence, energy, cyber security, skills and the blue economy. Payments integration: NPCI International and Seychelles’ central bank signed an MoU to introduce UPI in Seychelles, aiming for QR-based live payments for Indian travellers once deployed. Banking & regional growth: Moody’s flagged Absa’s proposed R4bn move to raise its stake in Absa Kenya to 85% as credit positive, citing earnings upside in East Africa. Mauritius-linked finance: Afreximbank appointed Peter Adeshola Olowononi as Southern Africa regional chief, with the region including Mauritius. Markets watch: NSE IPO filings point to a dispute over wrongly credited shares, including a Mauritius-based investor angle, as investors track the listing. Tourism demand: UAE travellers are driving Indian Ocean holiday demand, with the Maldives leading bookings and Mauritius among top destinations. Renewables funding: ADFD and IRENA earmarked $25m concessional loans for solar PV projects in Mauritius and Rwanda.

India–Mauritius ties in focus: PM Narendra Modi met Mauritius PM Navinchandra Ramgoolam in Seychelles, reviewing progress under the India–Mauritius Enhanced Strategic Partnership and the Special Economic Package, with cooperation flagged across defence, energy, cyber security, connectivity, healthcare and the blue economy. SEZ reform talks: India’s Commerce Ministry convened stakeholders for June 30 on SEZ issues, including harmonising export promotion schemes and easing operations, with a 17-member committee set to draft a SEZ 2.0 roadmap. Renewables financing for Mauritius: Abu Dhabi Fund for Development and IRENA earmarked $25m in concessional loans for solar PV projects in Mauritius (and Rwanda). Corporate move in Mauritius energy: NTPC incorporated “NTPC (Mauritius) Energy Limited” to develop a floating solar PV project with battery storage, with initial capital of MUR 1m. Regional finance leadership: Afreximbank appointed Peter Adeshola Olowononi as Southern Africa Director of Regional Operations, covering Mauritius among 13 countries. Travel payments push: Mastercard launched “Priceless Africa” on Priceless.com, adding Mauritius among nine markets for curated experiences and cardholder perks. Family offices and alternatives: A survey including Mauritius found 75% of family offices expect to take on more risk in alternatives, citing greater transparency.

UAE Travel Access: The UAE expanded visa-free entry for citizens of about 70 countries and added visa-on-arrival options for travellers from six more countries, easing business and tourism travel into Abu Dhabi and Dubai. Mauritius Energy Push: NTPC incorporated “NTPC (Mauritius) Energy Limited” in Mauritius to develop a floating solar PV project with battery storage, signalling renewed investment in local renewables. Regional Finance Leadership: Afreximbank appointed Peter Adeshola Olowononi as Southern Africa Regional Operations Director, covering Mauritius and other regional markets, as part of its push to finance trade and infrastructure. Renewables Funding: Abu Dhabi Fund for Development and IRENA earmarked US$25 million in concessional loans for solar projects in Mauritius and Rwanda. Payments & Travel Services: Mastercard launched “Priceless Africa” on Priceless.com, adding Mauritius among curated experiences for cardholders, while Coins.ph partnered with Clear Junction to expand European payment infrastructure (including Mauritius-linked operations). Trade & Policy Talks: India’s Digital India marks 11 years, highlighting digital public infrastructure that supports online services and payments—relevant to regional digital integration discussions.

Renewables Finance: Abu Dhabi Fund for Development and IRENA have earmarked $25m in concessional loans for solar PV projects in Mauritius and Rwanda, aiming to expand low-cost clean power access. Energy & Corporate Moves: NTPC has incorporated NTPC (Mauritius) Energy Limited in Mauritius to develop a floating solar PV project with battery storage, with an initial capital of MUR 1m. Regional Banking Leadership: Afreximbank appointed Peter Adeshola Olowononi as Southern Africa Regional Operations Director (effective May 1), overseeing a region that includes Mauritius. Payments & Travel Commerce: Mastercard launched Priceless Africa on Priceless.com, adding Mauritius among curated experiences for cardholders. Tourism Push: Air Mauritius and the Mauritius Tourism Promotion Authority are rolling out a refreshed “slow luxury” strategy in the UK, spotlighting wellbeing, sports tourism and MICE. India–Seychelles Diplomacy (Regional Signal): PM Modi’s June 27–29 state visit to Seychelles for Golden Jubilee celebrations underlines continued Indian Ocean engagement that can shape regional trade and maritime priorities.

Mauritius Energy & Renewables: NTPC has incorporated “NTPC (Mauritius) Energy Limited” in Mauritius to develop a floating solar PV project with battery storage, with an initial capital of MUR 1 million (about INR 19.8 lakh). Regional Finance & Payments: Coins.ph is expanding into Europe via Clear Junction, adding named virtual IBANs and access to EUR/GBP payment rails to support remittances and corporate payments, with Mauritius listed among its markets. Tourism & Travel Tech: Mastercard launched “Priceless Africa” on Priceless.com, featuring curated experiences across nine destinations including Mauritius, with cardholder travel perks and secure payments. Business & Markets Watch: Ahead of the NSE IPO, analysts discuss a potential valuation near Rs 5 lakh crore and two investor scenarios tied to market-cap assumptions and earnings multiples. Aviation & Connectivity: Air Mauritius is pushing non-stop London routes as part of a broader push to broaden visitor groups and support Mauritius’ “slow luxury” tourism strategy. Diplomacy With Economic Angle: PM Modi’s June 27–29 state visit to Seychelles (Mauritius’ Indian Ocean neighbour) is framed around maritime security and bilateral cooperation, underscoring the region’s strategic trade and infrastructure focus.

Mauritius Finance & Banking: Zimbabwe’s First Capital Bank parent FMBcapital Holdings received in-principle approval from the Bank of Mauritius to set up a new commercial bank in Mauritius via a 50:50 joint venture, aiming to deepen cross-border banking for trade and investment flows. Energy & Renewables: NTPC incorporated NTPC (Mauritius) Energy Limited in Mauritius to develop a floating solar PV project with battery energy storage, signalling a push into the island’s renewable energy pipeline. Tourism & Payments: Mastercard expanded its Priceless travel platform into nine African markets including Mauritius, offering cardholders curated local experiences as international arrivals keep rising. Regional Integration & Air Links: SADC urged faster implementation of the Single African Air Transport Market alongside AI-enabled, climate-resilient infrastructure to accelerate regional integration. Digital Finance: Coins.ph partnered with Clear Junction to strengthen its European payment infrastructure, including named virtual IBANs and access to EUR/GBP rails, with Mauritius listed among its expansion markets. Legal & Arbitration: The English Court of Appeal upheld that ratifying the New York Convention does not automatically waive a foreign state’s adjudicative immunity in English enforcement of arbitration awards, in the Devas (Mauritius) v India dispute. Business & Economy: A report on Mauritius’ role as Africa’s leading financial centre highlights the Mauritius IFC and VCC structures as key tools for channelling cross-border investment. Global Context: UNCTAD warned that geopolitics and energy shocks are weighing more heavily on global markets than trade policy, raising risks of wider disruptions.

India–Seychelles Diplomacy: PM Narendra Modi will visit Seychelles from June 27–29 as Guest of Honour for the Golden Jubilee National Day, holding talks with President Patrick Herminie and addressing the Seychelles National Assembly, with the trip also expected to deepen maritime security and economic cooperation. Maritime Security Support: India is also set to hand over a patrol vessel to Seychelles during Modi’s visit, reinforcing surveillance and collective security for smaller Indian Ocean states. Mauritius Finance Spotlight: A new report highlights Mauritius as Africa’s leading financial hub, pointing to the Mauritius IFC and its Variable Capital Companies framework as key tools for cross-border investment into African markets. Banking Expansion: Zimbabwe’s First Capital Bank parent, FMBcapital Holdings, received in-principle approval from the Bank of Mauritius to set up a new commercial bank in Mauritius via a 50:50 joint venture. Tourism & Payments: Mastercard launched Priceless Africa on Priceless.com, adding curated travel experiences across nine markets including Mauritius, as Africa’s international arrivals keep rising. Corporate Debt Move: Vedanta’s Mauritius-linked unit accepted $1.75bn in bids for a three-tranche dollar bond issuance to refinance higher-yielding debt and fund buybacks. Local Tech & Growth: Lavasource appointed Faisal Hawa as Chief Growth Officer, with delivery centres including Mauritius, as it scales consulting and managed services. Sports Media Trend: Spotify data shows football podcast listening is up in Mauritius and across sub-Saharan Africa, reflecting growing demand for longer-form match and fan analysis.

Global Markets & Energy: UNCTAD warns that Middle East geopolitical tensions are now hitting global trade and finance harder than trade policy, with crude up sharply and gas doubling—raising inflation and slowing growth. EFCC Case (Mauritius-linked): Nigeria’s EFCC escalated an alleged $1.5m IIHL investment fraud, charging the IIHL boss with forgery and false pretence amid claims tied to Chappal Energies Mauritius. Banking Expansion: Zimbabwe’s First Capital Bank parent, Mauritius-headquartered FMBcapital Holdings, got Bank of Mauritius in-principle approval to set up a new commercial bank in Mauritius via a 50:50 JV. Trade & Logistics (Mauritius): India and Mauritius will collaborate on a $1bn container terminal project to boost Port Louis’ transshipment role. Travel & Payments: Mastercard launched “Priceless Africa” on Priceless.com, adding curated experiences across Mauritius and eight other African markets. Fintech & Crypto (Nigeria): Nigeria’s CBN and SEC fintech rules are dividing opinion, with concerns that compliance could squeeze smaller players. Sports Media (Mauritius): Spotify data shows football podcast listening up in Mauritius (+6%) alongside several regional gains. Aviation: Emirates plans to restart A380 service on 11 major long-haul routes from 26 June.

Mauritius–India Trade & Logistics: Mauritius and India are set to collaborate on a $1bn container terminal project under a government-to-government arrangement, with Mauritius Ports Authority to issue a second licence to an international operator for container handling, bunkering and transshipment. Maritime Cooperation: Indian Naval Ship INS Tarkash wrapped up a Port Louis visit that included training for the Mauritius National Coast Guard and people-to-people activities, reinforcing regional security ties. Fintech & Payments (Africa): Nigeria’s Daya raised $2.4m to expand a stablecoin-powered cross-border payments network for African businesses, while experts debate Nigeria’s new CBN/SEC fintech rules and their impact on innovation. Tourism & Consumer Travel: Mastercard launched Priceless Africa across nine markets including Mauritius, adding curated travel experiences and cardholder benefits. Local Markets (Mauritius): New Mauritius Hotels declared a MUR 0.33 dividend on redeemable non-voting preference shares. Business Culture & Media: Spotify data shows football podcast listening is surging across sub-Saharan Africa, with Mauritius among the fastest-growing markets.

Mauritius-India ties: Indian Naval Ship INS Tarkash wrapped up a Port Louis visit, training Mauritius National Coast Guard personnel and hosting a yoga session, underscoring stronger maritime cooperation in the South West Indian Ocean. Local corporate news: New Mauritius Hotels declared a MUR 0.33 dividend per redeemable non-voting preference share for the year ended June 30, 2025, with payment expected around Oct 30, 2025. Tourism & mobility: Switch Mobility showcased its EiV12 electric bus at the Best of Bharat & Mauritius Expo 2026, building on earlier delivery of 100 electric buses to Mauritius’ National Transport Corporation. Digital culture: Spotify data shows football podcast listening surging across Sub-Saharan Africa, with Mauritius up 88.6% (June 1–20 vs Jan–May average). Regional governance lens: A piece on the Mo Ibrahim Index highlights Mauritius as a top African governance performer, contrasting with weaker outcomes in larger states. Energy & climate debate: SriSri Sugunendra Theertha Swamiji urged leaders to treat climate change, resource conflict and national debt as interconnected crises, calling for a more holistic, ethics-led approach.