MBA Chief Outlines Challenges For Mauritian Banking Sector

by Lorys Charalambous, for LawAndTax-News.com, Cyprus

11 April 2005

Speaking to the Business Week news service last week, chairman of the Mauritius Bankers’ Association, Philip Dawe drew attention to the challenges being faced by the sector in terms of continuing to develop whilst countering fraud and abiding by new banking legislation.

Asked his priorities for the future, Mr Dawe revealed that he intends to raise the profile and image of the banking sector and ensure that it is seen in a positive light both at home and abroad, ensure that education and training levels are sufficient within the industry to meet regulatory demands, and interact with the relevant authorities in other countries.

“I think it would be fair to say that the banking sector is going through some particularly challenging times,” he told Business Week, continuing: On the one hand, competition in the industry is becoming increasingly intense…On the other hand, there is, quite rightly, increasing pressure on banks to get to grips with a comprehensive range of new banking legislation.”

With regard to the implementation of the new banking bill, the MBA chief observed that:

“It appears to me that good progress is being made to implement the new banking bill but more time will be needed by some, if not all banks to fully comply with the relevant provisions.”

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