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Mauritius launches “MauCAS”, a digital hub for payments among operators

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Port-Louis, Mauritius, August 15 (Infosplusgabon) – Mauritian Prime Minister, Pravind Jugnauth, on Thursday launched the Mauritius Central Automated Switch (MauCAS), a novel state-of-the art digital hub fully owned and operated by the Bank of Mauritius for payments among operators on a 24-hour, 7-day (24/7) basis.

 

Speaking at the inauguration ceremony at the seat of the Bank of Mauritius, in Port-Louis, Mr Jugnauth said “MauCAS”, which is built on open standards, will enable banks and non-bank operators to provide transformative payment and value-added services through innovative channels. This will hence pave the way for new electronic payment options.”

 

The Prime Minister emphasized that “in the face of a technology-driven era, Government is committed to modernising Mauritius and enhancing the quality of life of the population with various technological and infrastructural projects”, adding: “MauCAS will help to accommodate enriched mobile applications and FinTech, among others.”

 

“It will also be used to successfully launch a central virtual register of ‘Know Your Client’ from the Bank of Mauritius, leading to reducing the time and costs of this key regulation of the financial services sector," he said.

 

The Prime Minister reiterated his vision of a cashless society “to better secure financial transactions in Mauritius”.

 

According to him, “MauCAS” will be a real boost to e-commerce with its 24/7 payment system”.

 

For his part, the Governor of the Bank of Mauritius, Mr Yandraduth Googoolye, stated that “MauCAS is a payment ecosystem designed to benefit all stakeholders of the payment industry, from end-customers to merchants and service providers as well as the Government.”

 

“Through this initiative, the Bank supports the development of Mauritius into a digital economy," he emphasized.

 

Mr Googoolye indicated that as “MauCAS” affects retail payments outside official operating hours, “it is the first national payment platform to operate round the clock, a feature attributable to a handful of countries in Sub-Saharan Africa.”

 

According to him, “MauCAS” will change the dynamics of currency circulation in the country, reduce float in the system as well as allow banks and businesses to manage their liquidity more efficiently.

 

The Governor recalled that on the regional front, “Mauritius is already a member and host of the COMESA Regional Payment and Settlement System (REPSS).

 

“MauCAS may serve as a regional switch to the participating countries and be used for cross border retail payments through mobiles and cards, with settlement being carried out on REPSS," he underlined.

 

In the details, one official of the Bank of Mauritius told  that the Mauritius Central Automated Switch (MauCAS) is designed to simplify the current retail payments by routing transactions made through cards and mobile phones for settlement at the Bank of Mauritius.

 

He said the goal of “MauCAS” is to create an enabling environment for digital payments so as to support the development of Mauritius into a digital economy.

 

“MauCAS” also aims at providing a multifaceted inter-operator switching platform for various payment channels; reducing infrastructure acquisition and ownership costs through shared costs among stakeholders; creating a common platform for key players to develop e-products that would extend the coverage of services beyond the traditional bank clientele; providing an open system for businesses and; increasing versatility of payment options through the concept of ‘anywhere, anytime payment’," he indicated.

 

 

 

FIN/INFOSPLUSGABON/BIC/GABON2019

 

 

 

 

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