AGP Executive Report

Trade Finance Digitisation in Mauritius: MCB, with ETG, Enigio and Digital Trade Works, completed Africa’s first electronic bill of exchange under Mauritian law, cutting turnaround from days of couriering to minutes and enabling faster cross-border financing. UPI Payments Policy Watch: India’s UPI debate is back in focus after a PVR INOX cash-versus-UPI dispute in Ahmedabad, with the key point being that cash remains legal tender while businesses’ payment-method rules and how they’re communicated matter. Mauritius in Regional Business Deals: Soach Global Strategic Holdings (Mauritius) is exiting part of its long NSE stake via the IPO offer for sale, targeting a return of roughly 25x on the portion sold. Investment & Markets: Goldman Sachs Investments Mauritius bought into Lord’s Mark Industries as promoter share sales meet SEBI public-shareholding rules. Tourism & Trade Events: WTM Africa 2027 buyer registrations opened for 7–9 April 2027 in Cape Town, with Mauritius listed among East Africa/Indian Ocean participants.

Mauritius Trade Finance & Digital Law: MCB, with ETG, Enigio and Digital Trade Works, has completed Africa’s first electronic bill of exchange under Mauritian law, cutting turnaround from days of paper handling to minutes for creation and under an hour for transfer. Fintech Scale in Africa: Paga CEO Tayo Oviosu says the company processes about $1.5bn in monthly transactions and is valued in the “hundreds of millions” of dollars, with peak annual revenue around $60m. UPI Cross-Border Payments: Coverage highlights how India’s UPI is expanding abroad, enabling cheaper person-to-merchant and remittance payments for travellers and businesses. Local Financial Inclusion Context: A World Bank-linked report notes mobile money is driving inclusion across sub-Saharan Africa, with Mauritius cited among the highest account-ownership rates. Regional Trade & Connectivity: World Bank port rankings place Djibouti, Mogadishu and Dar es Salaam at the top in the East and Horn of Africa, while Mauritius’ Port Louis is ranked 369. Governance & Corruption: SADC anti-corruption efforts were framed as inseparable from development goals at a major expo in Victoria Falls. Aviation & Tourism Links: Emirates’ ATM 2026 push added 30+ partnerships, while Condor confirmed year-round Frankfurt–Seychelles service, underscoring nonstop connectivity for island economies.

Fintech Scale: Paga CEO Tayo Oviosu says the company processes about $1.5bn in monthly transaction volume and is “worth hundreds of millions of dollars,” with $60m in personal annual earnings at peak. Aviation & Connectivity: Skytrax’s 2026 Africa top-10 list leaves no Nigerian domestic airline in the ranking, highlighting cost and demand pressures; meanwhile Emirates wrapped ATM 2026 with 30+ tourism partnerships and unveiled an electrically powered Premium Economy seat. Mauritius in the UK Travel Rules: Mauritius citizens are visa-exempt for short UK visits but still need an ETA under UK rules, keeping Mauritius in the “easy entry” bucket for business and tourism travellers. Indian Ocean Sovereignty: The Chagos dispute widens as the Maldives asks to reopen negotiations involving Mauritius and the UK, adding another claimant to an already complex diplomatic and legal fight. Port Performance (Mauritius): World Bank CPPI ranks Port Louis at 369 globally among container ports, with Djibouti and Mogadishu also featuring strongly in the East and Horn of Africa table. Crypto & Compliance: Quebec’s AMF issues a fraud warning against Tag Markets, alleging an unregistered crypto Ponzi operation linked to Mauritius-registered entities. Regional Governance: SADC anti-corruption push led by VP Kembo Mohadi stresses tracking and recovering stolen assets, not just arrests.

Mauritius in global finance & trade: India’s RBI data shows outward FDI commitments rose 23.3% year-on-year to USD 3.8bn in August, with Mauritius-linked subsidiaries among the beneficiaries (notably Solar Industries and Jindal Power). Indian Ocean security: A new push for “attribution” in Indian Ocean maritime security highlights how grey-zone Chinese research and fishing activity complicates response for littoral states. Aviation & tourism links: Emirates wrapped ATM 2026 with 30+ partnerships and unveiled an electrically powered Premium Economy seat, while Mauritius President Dharambeer Gokhool honoured VIT VP Sekar Viswanathan with the Crown Jewel of World Tamils award. Chagos diplomacy: The Maldives has asked to reopen negotiations on Chagos, adding a new claimant to the UK–Mauritius–US dispute. Regional business & connectivity: SADC is advancing an exchange interconnectivity plan to enable cross-border trading, aiming to deepen capital markets across the region. Corruption & development: SADC anti-corruption leaders, including VP Kembo Mohadi, urged asset recovery to be tied directly to development outcomes.

Slavery Reparations Push: Caribbean leaders are preparing to sue Britain for slavery reparations under UN anti-racism treaties, with legal experts exploring a case at the International Court of Justice and plans to raise the issue at the Commonwealth summit. Mauritius in Cross-Border Finance: India’s outward FDI commitments rose 23.3% to $3.8bn in August, with major guarantee flows to Mauritius-based subsidiaries including Solar Industries and Jindal Power. UPI Abroad Expansion: India’s UPI is expanding to more countries, promising lower-cost, real-time payments for travellers and business users, with foreign links enabling person-to-person and person-to-merchant transactions. Regional Capital Markets: SADC is advancing exchange integration via the SADC Exchange Gateway, aiming to connect stock exchanges for cross-border trading and wider investor access. Port Performance Watch: A World Bank ranking places Djibouti, Mogadishu and Dar es Salaam among East and Horn of Africa’s top container ports, while Port Louis is ranked 369 globally. Sports & Governance: SADC VP Kembo Mohadi says anti-corruption must be tied to development and asset recovery, while a separate report highlights Africa’s democratic decline driven by conflict, coups and restricted elections. Business & Investment Signals: India’s CCI cleared Lakshmi Mittal’s purchase of cricket franchises spanning India, South Africa and Barbados through a Mauritius-linked structure.

Mauritius-linked outbound investment: India’s outward FDI commitments rose 23.3% y/y to US$3.8bn in August, with major guarantee flows tied to Mauritius subsidiaries—Solar Industries (US$795m) and Jindal Power (US$514m) among the headline names. Indian Ocean maritime security: A new report flags “grey-zone” Chinese naval and research activity in the Indian Ocean, including AIS disruptions, raising response dilemmas for littoral states. Connectivity and tourism: KZN Premier Thamsanqa Ntuli urged more direct international flights, including renewed attention on a planned Mauritius-King Shaka route that failed to launch. Local governance and delivery gaps: A spotlight on BPTP’s sales push raises questions on homebuyer delays, occupancy certificates and dispute handling. Corruption as a development blocker: SADC anti-corruption efforts were framed as asset recovery and “following the money,” not just arrests. Trade and finance signals for the region: World Bank port rankings show Mauritius’ Port Louis at 369 globally, while Djibouti and Mogadishu lead the East/Horn grouping. Business and capital markets: AfCRA was announced to expand African credit rating capacity, aiming to reduce bias and cost from international agencies. Sports business with Mauritius links: India’s CCI cleared Lakshmi Mittal’s purchase of cricket franchises via a Mauritius-incorporated structure, including South Africa’s Paarl Royals.

Mauritius in Africa’s trade map: Port Louis ranked 369th in the World Bank/S&P Global Container Port Performance Index, with Djibouti (53) and Mogadishu (127) leading the East and Horn of Africa. Regional finance push: Africa’s new Africa Credit Rating Agency (AfCRA) aims to expand African capital markets and reduce reliance on costly, biased international ratings. Energy reliability challenge: A new look at Africa’s electricity “access vs reliability” gap highlights how grid connection doesn’t guarantee dependable, affordable power. Local business & investment links: Shapoorji Pallonji’s Mauritius-incorporated SP Group vehicle saw record gains in dollar bonds as investors bet on a potential Tata Sons listing to support debt repayment. Hospitality expansion with Mauritius ties: Banyan Group is acquiring a majority stake in Newmark Hotels & Reserves, adding 26 properties across seven African countries including Mauritius. Payments and inclusion angle: Sub-Saharan Africa’s mobile money drive lifted financial inclusion to 58% of adults in 2024, with Mauritius at 89% account ownership. Forex industry event: CentFX will exhibit as a Diamond Sponsor at Forex Expo Dubai 2026, pitching execution-focused trading services.

Cross-Border Sports Deal: India’s Competition Commission cleared the Mittal–Poonawalla acquisition of cricket franchises Rajasthan Royals (India), Paarl Royals (South Africa) and Barbados Royals (Caribbean), structured through a Mauritius-based holding group, in a deal valued at about USD 1.65bn. Hospitality Expansion in Africa: Banyan Group agreed a phased majority-stake acquisition of Cape Town-based Newmark Hotels & Reserves, adding 26 hotels, lodges and reserves across seven countries including Mauritius, and keeping Newmark’s brand and local teams as it moves toward full ownership. Mauritius-linked Market Move: Soach Global Strategic Holdings (Mauritius) is selling 16.5 lakh NSE shares via an offer-for-sale IPO, with the partial exit framed as potentially turning a Rs 59.25 crore investment into a much larger return. Regional Governance & Corruption: SADC leaders, including VP Kembo Mohadi, urged member states to “follow the money” by tracing and recovering stolen assets, warning corruption stays profitable without asset recovery. STEM & Skills Pipeline: Zimbabwe’s NUST capped 2,570 graduates, with 68% in STEM fields and rising female participation, under “Innovative Graduates, Industrial Futures.”

Hospitality & Investment: Banyan Group is buying a majority stake in South Africa’s Newmark Hotels & Reserves in a phased deal, adding 26 hotels, lodges and reserves across seven countries including Mauritius, and keeping Newmark’s local teams and brand while folding it into Banyan’s collection platform. Travel Rules Impact: Thailand has tightened visa-free access under a new three-tier system from 15 Sept 2026, cutting South Africans from 60 to 30 days and downgrading Mauritius to 15 days, while Morocco loses visa-free entry entirely. Mauritius in Markets: Mauritius-based Soach Global Strategic Holdings is selling 16.5 lakh NSE shares in India’s NSE IPO offer for sale, turning a 2016 investment into a major liquidity event (reported near 25x on cost). Air Connectivity: Ethiopian Airlines will launch daily direct flights between Durban and Addis Ababa from 11 Dec 2026, backed by local efforts to expand international links for tourism, freight and investment. Trade Support: ITC and DHL renewed a partnership to help SMEs trade across borders, including exports and logistics support via SheTrades hubs. Gold Market Access: STARPRIME (Mauritius) is expanding gold trading with AM/PM Fixing and XAU24/7 ahead of Forex Expo Dubai 2026. Local Policy & Business Environment: South Africa’s auto sector faces “delocalisation” pressures as policy lags market shifts, with imports dominating new-vehicle sales and local content still far below targets.

NSE IPO momentum: LIC, NSE’s biggest shareholder, received an anchor allocation worth about Rs 450 crore after taking a 10.72% stake (26.52 crore shares) at Rs 1,785, as the exchange’s Rs 22,561.57 crore IPO opens on 17 September. Mauritius tax spotlight: India’s tax office invoked JAAR to deny treaty benefits to some Mauritius funds on sale of “grandfathered shares”, reigniting debate on how the India–Mauritius treaty is applied. Tax policy push: Finance Minister Nirmala Sitharaman urged independent, evidence-based tax research and warned against narrow sectoral lobbying, while also flagging GST “2.0” process reforms (e-invoicing and input tax credit) for the October 7 GST Council meeting. UPI fee politics: India says there will be no rollback of the 0.4% MDR on UPI merchant payments above Rs 2,000 from 15 October, even as opposition and legal challenges loom. Regional finance links: BSE said Afrinex, a Mauritius-based exchange, could act as a gateway for African markets into Indian and global capital. Tourism trade ties: Mauritius Tourism Promotion Authority expanded its India push with a four-city initiative (Pune, Chennai, Kolkata, Hyderabad), while Emirates renewed seven tourism board MoUs including Mauritius at ATM 2026.

Mauritius–India Tax: India’s tax office has invoked JAAR to deny treaty benefits to some Mauritius funds on sale of “grandfathered shares,” reigniting debate after earlier CBDT assurances that such gains were spared from GAAR. UPI Fees Debate: India says there will be no rollback of the 0.4% Merchant Discount Rate on UPI merchant payments above Rs 2,000 from Oct 15, with the charge paid by merchants; the move is framed as needed for UPI sustainability and cybersecurity, while legal challenges and political criticism grow. Digital Payments Expansion: UPI is set to expand into Central Asia via Uzbekistan, enabling Indian travellers to pay using Uzbekistan’s interoperable QR code through existing UPI apps. Emirates & Tourism Links: Emirates kicked off Arabian Travel Market 2026 with seven tourism board MoUs, including renewed ties with Mauritius Tourism Promotion Authority, as the airline also reports strong winter booking momentum and continued Starlink rollout. Regional Connectivity: flydubai signed interline agreements with Air India and Uzbekistan Airways, boosting single-ticket connections via Dubai, while King Shaka Airport prepares direct Durban–Addis Ababa flights from Dec 11. Local Business & Governance Angle: Andhra Pradesh CM Naidu unveiled a technology-driven, net-zero/zero-waste model for Tirumala, including electric buses, a 3D “virtual darshan” centre, and plans for global Venkateswara temples—Mauritius named among countries that requested temples. Markets Watch: SEBI re-appointed Kamlesh Chandra Varshney as whole-time member till 2029, and India’s tax minister urged independent, quantified tax policy research beyond sectoral lobbying.

UPI MDR Rollout: India’s RBI and NPCI back a 0.4% Merchant Discount Rate on person-to-merchant UPI payments above Rs 2,000 from Oct 15, with a Rs 300 cap for Rs 75,000+ transactions; person-to-person and small-value payments stay free, aiming to fund UPI resilience, cybersecurity and innovation. Tax Policy Push: Finance Minister Nirmala Sitharaman urged independent, quantified tax-policy research to enter public debate, saying reforms should reduce tax litigation and even remove provisions that no longer serve the system. Solar–Omnia Deal: Solar Group and Omnia Holdings move ahead with a proposed R21.8bn all-cash acquisition via Solar SA Investments (Solar Overseas Mauritius), with Omnia set to be delisted after approvals. NSE IPO Watch: India’s NSE set its IPO price band at Rs 1,700–1,785, opening Sept 17, with major shareholders including LIC and Mauritius-linked Aranda Investments. Mauritius Link in Aviation: flydubai expands interline access with Air India and Uzbekistan Airways, boosting routes that include Mauritius via Dubai. Regional Business Note: IBIA says regulatory limits on offshore bunkering keep South Africa’s Algoa Bay underperforming, with some traffic shifting to Mauritius. Corporate Earnings: Nigeria’s Legend Internet reports a sharp FY2026 profit drop as costs and finance expenses rise, despite a one-off asset disposal gain.

UPI Fees in Focus (India): India’s NPCI has notified a 0.4% Merchant Discount Rate on UPI person-to-merchant payments above Rs 2,000, effective October 15, while keeping person-to-person transfers and small merchant payments up to Rs 2,000 free; for very large transactions (Rs 75,000+), the MDR is capped at Rs 300 per transaction. RBI Rationale: The Reserve Bank of India said the move is meant to keep UPI scalable and sustainable, with MDR treated as a merchant-ecosystem charge rather than a customer fee. Political Pushback: BharatPe co-founder Ashneer Grover warned that charging could push users back to cash, arguing higher-value payments dominate UPI value. NSE IPO Watch (India): India’s National Stock Exchange set its IPO price band at Rs 1,700–1,785, with the offer opening September 17 and running to September 21; the sale includes major shareholders such as SBI and Canada Pension Plan Investment Board (with Aranda Investments (Mauritius) listed among sellers). Mauritius Business Angle: A separate report highlights Mauritius as a destination for investor residency via an Investor Occupation Permit, with reforms requiring an initial investment of at least $100,000 and turnover thresholds for renewal. Regional Markets (Kenya): Kenya’s Nairobi Securities Exchange saw investor wealth fall by Sh158bn over the week amid profit-taking and Middle East-driven market jitters. Aviation & Tourism (Emirates): Emirates expects to restore full prewar seat capacity by year-end and is expanding A350 deployment and Premium Economy offerings, supported by strong winter bookings. Local Economy Signals (Tunisia Index): Tunisia improved in the 2026 Global Attractiveness Index, ranking 105th globally and 11th in Africa, with Mauritius leading the continent.

UPI Fees Decision Looms: India’s banks and payment providers have been told to keep UPI and RuPay debit payments free up to Rs2,000, but a 22-member panel is set to decide Merchant Discount Rate charges for merchant UPI transactions above Rs2,000—sparking political pushback over possible knock-on costs for consumers. Emirates Tourism Push: Emirates says it has signed/renewed seven tourism deals at ATM 2026, including renewed partnerships with Seychelles and Mauritius, aiming to lift inbound arrivals through joint marketing, trade programmes and familiarisation trips. Emirates Summer-to-Winter Momentum: The airline reports 8.6m passengers in July–August, operating around 93% of pre-disruption capacity, with winter bookings tracking ahead in multiple markets including South Africa, India and Ghana. Pranav Constructions IPO Pops: Pranav Constructions listed on Indian bourses at a 33% premium to its IPO price after a 122x subscription, with anchor investors including Goldman Sachs Investments (Mauritius). Cross-Border Tax Watch for Mauritius Investors: A legal brief flags that Mauritius’ ratification of the India-Mauritius DTAA protocol may shift offshore funds away from relying only on residency certificates, with the Principal Purpose Test expected to matter once in force. EFAfrica Leadership Change: EFAfrica Group appointed Tanzanian Nicomed Bohay as Group CEO to expand equipment finance across Africa, including operations in Mauritius.

Airline & Tourism Partnerships: Emirates kicked off Arabian Travel Market 2026 with seven new/renewed tourism MoUs covering the Seychelles, Mauritius, Madagascar, Sharjah, Malaysia, Finland and Norway, plus refreshed deals with Huawei and Dubai Duty Free—aimed at joint marketing, packages and familiarisation trips. Mauritius Connectivity: Emirates renewed its Mauritius Tourism Promotion Authority agreement; it flies three daily services with weekly capacity of 19,096 seats each way, citing 10.5% growth in arrivals from Middle Eastern markets in H1 2026. Travel Demand Watch: Emirates reported 8.6m passengers in July–August, load factors above 75% across multiple regions, and winter bookings tracking ahead of last year as it operates at ~93% of pre-disruption capacity. Capital Markets (Africa): Omnia received a R21.8bn all-cash buyout offer from Solar SA Investments (Solar Overseas Mauritius/Solar Industries India), proposing a delisting from JSE and A2X. Mauritius Business Angle: The offer structure and delisting highlight how regional investors and Mauritius-linked entities remain exposed to major African corporate actions.

Education & Mobility: Kenya is set to host a Study Abroad Expo in Nairobi next week for more than 50,000 students who missed KUCCPS local university placement, with 32 overseas universities and options including emerging-field programmes such as AI. Corporate Deals: Fertiliser and explosives group Omnia says Solar SA Investments has tabled an all-cash R21.8bn buyout for all its shares, at R134.50 each (a 30.98% premium), with delisting from JSE and A2X expected if the offer proceeds. Governance & Crime Policy: A Mauritius-focused debate questions whether a proposed National Crime Agency’s constitutional status alone can ensure real independence, pointing to safeguards needed around appointments, finances, surveillance powers and accountability. AI for Public Administration: An opinion piece urges Mauritius to create a clear “AI decision-rights map” defining when AI can act, recommend, require verification, and where human responsibility must remain. Capital Markets Watch: India’s Sebi is stepping up scrutiny of Wall Street traders, including a Mauritius-based JPMorgan unit accused of manipulative trades, as regulators push for stronger protection of retail investors. MediaCity Mauritius Tech Push: Broadcasting Center Africa has picked Broadcasting Center Europe to build technology capabilities in MediaCity Mauritius, aiming for an Africa media and content tech epicentre with data sovereignty. Aviation & Tourism Demand: Emirates reports strong winter bookings after carrying 8.6m passengers in July-August, operating at about 93% of pre-disruption capacity and seeing demand ahead of last year in multiple markets including Ghana and India.