Mauritius: BoM publishes hundreds of recommendations to reform the banking sector

Jun 11, 2014

The Bank of Mauritius (BoM) issued on Friday (6 June) a report on the practices of banks in terms of fees, commissions and contracts, in which it recommended the removal of 19 bank charges.

The Bank of Mauritius (BoM) issued on Friday (6 June) a report on the practices of banks in terms of fees, commissions and contracts, in which it recommended the removal of 19 bank charges.

The 'Banking your future: Towards a fair & inclusive banking sector' report includes a hundred recommendations to reform the banking sector and improve conditions for consumers.

Recommendations include the creation of a free bank account that does not require a minimum balance and allows holders to access basic banking services as well as a free debit card.

The BoM, which carried out its work for two years, believes there is a "deep resentment" from customers towards banks and their fees, newspaper Le Mauricien reports.

Several problems have been identified, including a lack of transparency in the application of fees and expenses, a lack of information on the part of commercial banks, the inability to compare the products offered, the difficulty of switching between banks and the complexity of the language used in the preparation of contracts.

The BoM now wants to launch a public debate on the report. "In four months, we will make decisions in terms of our policy," the institution told l'Express newspaper.