The composite cost for borrowing for households was 3.1 per cent in January, up from 1.3 per cent at the same time last year. For firms, the composite cost of borrowing rose from 1.4 per cent to 3.6 per cent over the same period.
These include digital identification using new technologies such as facial recognition and other associated tools as well as the establishment of the central KYC system to enable digital customer on-boarding in both the banking and nonbanking space. Another ground-breaking forthcoming innovation that the Bank is currently embarked on is the introduction of a framework which will allow digital banks to operate in Mauritius.