The ICT Authority signs a Memorandum of Understanding with the Bank of Mauritius

Port Louis: The Information and Communication Technologies Authority (ICTA) and the Bank of Mauritius have today signed a Memorandum of Understanding (MOU).

The MOU covers, amongst others, cooperation between the two regulatory authorities in the area of Digital Financial Services. The MOU also focuses on e-money and services provided by payment service providers which are licensed under the National Payment Systems Act.

The initiative between the two institutions follows recent amendments brought to the Banking Act through the Financial (Miscellaneous Provisions) Act 2020 which mandates the Bank of Mauritius to license Digital Banks for the provision of Digital Financial Services.

The ICTA, has under Section 16(c) of the ICT Act the mandate ?to license and regulate information and communication services.?

The MOU is of significance in a context where digital financial services are delivered through the telecommunication network. The MOU will equally enable both regulators to share knowledge, including intelligence information, and technical expertise and ensure the integrity, security, stability and resilience of participants and the protection of end users relating to the provision of financial services through the telecommunication network in Mauritius.

The MOU will further contribute to the identification, mitigation and expeditious handling and containment of security issues and incidents, and help combat money laundering, the financing of terrorism and fraud.

The MOU was signed by Mr Dick Ng Sui Wa, Chairman of ICTA and by Mr Mardayah Kona Yerukunondu, First Deputy Governor of the Bank of Mauritius, in the presence of Mr Harvesh Kumar Seegolam, Governor of the Bank of Mauritius, during a ceremony held at the central bank.

The Second Deputy Governor of the Bank of Mauritius, Mrs Hemlata Sadhna Sewraj-Gopal and Senior Officials of the ICTA, namely Mr. Jerome Louis, Officer-in-Charge, Mr Harish Bhoolah, Director of Finance and Administration, Mr Trilok Dabeesing, Director of Information Technology and Mr Ramchurn Chatoo, Manager of Costing and Administration were also present.

14 July 2021