How to Obtain a Mauritius Digital Banking License: Step-by-Step Guide

Mauritius has emerged as a leading fintech hub in Africa and the Indian Ocean, offering a progressive regulatory environment for digital banks. If you're planning to launch a digital-only bank, Mauritius provides a unique and flexible licensing regime for fully digital banking operations.

At Zitadelle AG, we specialize in helping fintech and banking clients secure a Digital Banking License in Mauritius — from application strategy and documentation to regulatory compliance and final approval.

This guide outlines the key requirements and steps for obtaining a Mauritius digital bank license, as defined by the Bank of Mauritius (BoM) guidelines.

What is a Mauritius Digital Bank License?

A Digital Bank License allows an entity to carry out banking activities exclusively via digital channels, with no physical branches for transactions. The regulatory framework is governed under the Banking Act 2004 and the Guideline for Digital Banks (2021) issued by the Bank of Mauritius.

Key Eligibility Requirements

To apply for a Mauritius digital banking license, the applicant must:

Be a Corporate Entity

• Only body corporates (not individuals) can apply.

• A physical office in Mauritius is mandatory (for admin and regulatory purposes only).

Qualified Shareholders & Board

• At least one significant shareholder must have a strong track record in:

  • Banking, fintech, e-commerce, or communications.

• Board must have expertise in:

  • Credit, liquidity, and tech-related banking risks.

• At least one Mauritian resident director is required.

Full-Time Team in Mauritius

• Minimum of 10 full-time officers, including CEO, Deputy CEO, and key functional heads.

• Annual operating expenses must be at least MUR 25 million (~USD 540,000).

Capital Requirements

Additionally:

• Maintain a capital adequacy ratio of 15% (mobilisation) and 12.5% (transitional).

• Liquidity coverage ratio of at least 120% (mobilisation) and 100% (transitional).

• Hold reserve funds equal to 3 months of operating expenses.

Step-by-Step Licensing Process

1. Application Submission

Submit a full application package including:

• Application form

• 5-year business plan (including financial projections, staffing, risk strategy)

• Exit plan in case of early liquidation

• Shareholder information and declarations

2. Mobilisation Period (First 2 Years)

Operate as a restricted digital bank, and:

• Offer basic credit and deposit products only

• Serve only residents and related parties

• Test all technology infrastructure and compliance systems

3. Transitional Period (Next 3 Years)

Expand business scope, meet full prudential and compliance requirements.

4. Final Approval

Upon fulfilling all conditions, the BoM grants the full digital banking license.

Required Business Plan Components

Your business plan must include:

• Products, services, and target market

• Channels (web, mobile app, API banking)

• Cybersecurity and technology infrastructure

• Cloud and backup strategy

• Funding sources and capital strategy

• Customer support and complaints management

• Compliance and AML/CFT framework

AML/CFT and Cybersecurity Obligations

Digital banks must implement:

• Full AML/CFT policy aligned with FATF recommendations

• Appoint a Compliance Officer and conduct regular audits

• Use secure digital onboarding, KYC/KYT, and multi-factor authentication

• Strong cyber and data protection framework

Why Mauritius?

• Strategic location between Asia and Africa

• Robust regulatory infrastructure

• Access to tax treaties and investor protection

• Recognized Financial Action Task Force (FATF) compliance

• Ideal for neobanks, fintech startups, and Islamic digital banks

How Zitadelle AG Can Help

At Zitadelle AG, we provide end-to-end support for:

• Business plan drafting

• Regulatory submissions

• AML/CFT and cybersecurity framework development

• Communication with the Bank of Mauritius

• Office setup and local staffing

We act as your local compliance and licensing partner in Mauritius, ensuring your digital bank is structured, approved, and operational as fast as possible.

Ready to Apply?

Launching a digital bank in Mauritius is a strategic move for fintech entrepreneurs, VCs, and financial institutions looking to expand in a regulated, low-tax environment.

Contact Zitadelle AG today to begin your application process for a Mauritius digital banking license.