MauBank is a

bank A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because ...

headquartered in

Ebene CyberCity Ebene () is a suburb of Quatre Bornes, Mauritius, south of the capital, Port Louis. Construction began in November 2001, with the suburb being promoted as a new information technology hub for Mauritius and as a link between African and Asian ma ...

Mauritius Mauritius ( ; french: Maurice, link=no ; mfe, label=Mauritian Creole, Moris ), officially the Republic of Mauritius, is an island nation in the Indian Ocean about off the southeast coast of the African continent, east of Madagascar. It incl ...

. It is licensed as a commercial bank by the

Bank of Mauritius The Bank of Mauritius (french: Banque de Maurice) is the central bank of the Republic of Mauritius. It was established in September 1967 as the central bank of Mauritius. It was modelled on the Bank of England and was, in effect, set up with th ...

, the country's

central bank A central bank, reserve bank, or monetary authority is an institution that manages the currency and monetary policy of a country or monetary union, and oversees their commercial banking system. In contrast to a commercial bank, a central ba ...

and the nation's banking regulator. MauBank is the third largest bank in Mauritius. It offers a full range of financial services to private and corporate clients, wealthy individuals, companies, public and financial institutions. The activities are divided into different business lines: Retail & Private Banking, Corporate Banking, International Banking, Wealth Management, Insurance services, SME Banking and Leasing. MauBank maintain a network of 19 branches, including one in

Rodrigues Rodrigues (french: Île Rodrigues, link=yes ; Creole: ) is a autonomous outer island of the Republic of Mauritius in the Indian Ocean, about east of Mauritius. It is part of the Mascarene Islands, which include Mauritius and Réunion. Rodr ...

island, the bank also provides basic banking services across the 102 Post offices operated by Mauritius Post Ltd. MauBank is wholly owned by the

Government of Mauritius The Government of Mauritius () is the main authority of the executive power in the Republic of Mauritius. The head of the Government is the Prime Minister of Mauritius, who manages the main agenda of the Government and direct the ministers. The 2 ...

, as at 2019 the government announced its intention of finding a strategic partner to expand the activities of the bank. MauBank's strategic decisions are taken by its

board of directors A board of directors (commonly referred simply as the board) is an executive committee that jointly supervises the activities of an organization, which can be either a for-profit or a nonprofit organization such as a business, nonprofit organiz ...

, headed by the chairman. Premchand Mungar serves as the

chief executive officer A chief executive officer (CEO), also known as a central executive officer (CEO), chief administrator officer (CAO) or just chief executive (CE), is one of a number of corporate executives charged with the management of an organization especially ...

History and ownership

The government of Mauritius established the Mauritius Post and Cooperative Bank (MPCB) Ltd in August 2003, following the merger of the New Co-operative Bank Ltd with the Post Office Savings Bank. On 4 January 2016, the MPCB acquired the assets and liabilities of the National Commercial Bank (Ex- Bramer Banking Corporation). Subsequently, the MPCB changed its name to MauBank Ltd ("MauBank"). At 30 June 2016, the share capital of the Bank stood at Rs 3,270,858,232 represented by 3,401,813,502 ordinary shares. There are twelve (12) shareholders on the shares register with MauBank Holdings Ltd having 99.93% interest in the Bank, the remaining shares being held by 11 shareholders including public sector bodies and cooperative societies. MauBank Holdings Ltd is in turn 100% owned by the Government of Mauritius.

eBanking services

In line with its green and digitization agenda, the bank adopted paperless account opening, e-statements, online financial calculators, robotic process automation in areas like credit scoring and loan processing. Customers receives instant SMS text messages when funds are debited or credited on their bank accounts. The cards services provided by the bank supports

contactless payments Contactless payment systems are credit cards and debit cards, key fobs, smart cards, or other devices, including smartphones and other mobile devices, that use radio-frequency identification (RFID) or near-field communication (NFC, e.g. Samsung P ...

using

near-field communications Near-field communication (NFC) is a set of communication protocols that enables communication between two electronic devices over a distance of 4 cm (1 in) or less. NFC offers a low-speed connection through a simple setup that can be u ...

. In addition to the internet banking facilities which allows users to transfer funds and manage their bank accounts, the bank was the first in Mauritius to offer online lending facilities known as ''MyLease''.

MauBank WithMe

MauBank WithMe is a

freeware Freeware is software, most often proprietary, that is distributed at no monetary cost to the end user. There is no agreed-upon set of rights, license, or EULA that defines ''freeware'' unambiguously; every publisher defines its own rules for the f ...

mobile banking Mobile banking is a service provided by a bank or other financial institution that allows its customers to conduct financial transactions remotely using a mobile device such as a smartphone or tablet. Unlike the related internet banking it uses ...

app from MauBank. The app is available on

electronic devices The field of electronics is a branch of physics and electrical engineering that deals with the emission, behaviour and effects of electrons using Electronic component, electronic devices. Electronics uses Passivity (engineering), active devices ...

such as

smartphone A smartphone is a portable computer device that combines mobile telephone and computing functions into one unit. They are distinguished from feature phones by their stronger hardware capabilities and extensive mobile operating systems, whic ...

tablet computer A tablet computer, commonly shortened to tablet, is a mobile device, typically with a mobile operating system and touchscreen display processing circuitry, and a rechargeable battery in a single, thin and flat package. Tablets, being comput ...

s, and

personal computer A personal computer (PC) is a multi-purpose microcomputer whose size, capabilities, and price make it feasible for individual use. Personal computers are intended to be operated directly by an end user, rather than by a computer expert or tec ...

s. The app enables individuals to electronically transfer money from their bank account to another registered user's bank account using a mobile device, withdraw money from ATM's without card, manage their bank accounts and perform online transactions. In 2018, MauBank became the first bank in Mauritius to on-board customers through a mobile app. The app use OCR technology to store and organize users' information from various documents such as

IDs IDS may refer to: Computing * IBM Informix Dynamic Server, a relational database management system * Ideographic Description Sequence, describing a Unihan character as a combination of other characters * Integrated Data Store, one of the first da ...

and proof of address. The app also allows video call with the officers of the bank during office hours. MauBank WithMe is available on the iOS App Store and Google Play Store. The bank won the Application Programming Interface (API) Led Innovations award and was the finalist for Emerging Technology Led Innovations at the Infosys Finacle Client Innovation Awards in 2019.

Features

The updated version of the app was launched on 27 September 2018, the main features of the app are as follows:

View account details and transactions

* Check account balance * Check transaction history * View mini-statement * View status of transactions * Download account statement

Pay and Transfer Funds

* Transfer funds between bank accounts * Transfer funds to another MauBank account * Transfer funds from MauBank to another local bank * Manage beneficiaries to facilitate funds transfer * Pay cardless to a mobile number and withdraw money at any MauBank ATM * Recharge phone and that of your friends and relatives anytime * Setup schedule or recurring funds transfer * Stop schedule/recurring and cardless funds transfer

Credit Card

* View Credit card details, available credit and card limit * Access and download credit card statements * Reload Credit card from Foreign Currency Account or MUR Account * Block/ unblock credit card anytime

Open a new Bank account

* Open a Bank account

Authenticate using fingerprint or Face ID

* Use fingerprint or Face ID for authentication

Manage services

* Block or unblock debit or credit card * Change mPIN * Refer WithMe to a friend * De-register mobile device not in use

Branches

The bank maintains its headquarters at the

, Mauritius. The bank provides basic banking services across the 102 post offices network of the Mauritius Post Ltd which are open on Saturdays. MauBank also maintain a network of local branches, including one in

island as listed below.

External links

MauBank WithMe app

Financial calculators

MauBank MyLease

Internet Banking

References

{{Reflist Banks of Mauritius Banks established in 2003 2003 establishments in Mauritius Companies based in Ebene, Mauritius