Mauritius’ central bank launches ‘Banking Your Future’ Challenge
The aim of the ‘Banking Your Future’ challenge objective is to enable Mauritian youth to tell the central bank what decisions they would take if they were in the shoes of the central bank or a commercial bank, or what steps would they suggest to improve the future of banking as consumers. (Image: Bank of Mauritius)
In the process of building a fairer and inclusive banking system, the central bank of Mauritius is inviting the island youth to participate in the ‘Banking Your Future’ challenge.
The best submission in each category will be awarded the ‘Banking Your Future Trophy’ and the two best submissions in each category will be awarded cash prizes of Rs 50,000 and Rs 20,000 respectively.
All participants must submit entries on or before 30 September 2014, where two categories of youth are accepted in the competition fold.
Category one covers students of secondary school above the age of 16, whereas the second category comprises university students under the age of 35 years.
The aim of the ‘Banking Your Future’ challenge objective is to enable Mauritian youth, who are the decision makers of tomorrow, to tell the central bank what decisions they would take if they were in the shoes of the central bank or of a commercial bank, or what steps would they suggest to improve the future of banking as consumers.
When participating in the competition the participant would have to choose among three role plays.
First, they can choose to take on the mantle of the Bank of Mauritius by handling the same issues that the Central Bank faces when making banking reform policy decisions.
The second one is to step in the shoes of the CEOs of commercial banks and tell how they would respond to the issues raised in the ‘Banking Your Future: Towards a Fair & Inclusive Banking Sector’ Report.
Thirdly, they would be able to play the role of a customer and share their vision of banking in the future.
Furthermore, panel will judge and rate the entries using five criteria covering comprehension, organization, conclusion, creativity and writing.
The report entitled ‘Banking Your Future: Towards a Fair & Inclusive Banking Sector’ was released on June 06, 2014, almost two years after investigating the terms and conditions of banking contracts, including fees and charges.
The comprehensive report aims to provide an in-depth understanding of the terms and conditions governing contracts between a consumer and a financial institution and to help both parties achieve a better outcome in their interactions.
In a related development for improving the Mauritius banking system, all commercial banks duly licensed by the Bank of Mauritius are now actively submitting Suspicious Transaction Reports (STRs) in compliance with UN standards.
This data is available courtesy the United Nations Office on Drugs and Crime (UNODC) goAML web platform which has been deployed since January 21, 2014 by the Mauritius Financial Intelligence Unit (FIU).
The main objective of the Mauritius FIU is to connect the users of the goAML application with the reporting entities and stakeholders using the goAML Web Portal.
Thus, in view of making full use of this software, meetings were held with commercial banks between June 2 and 6, 2014 to discuss the implementation of a secured means to exchange information through the Message Board, a important component of the goAML software.
Banks reacted positively and now, electronic exchange of information between them and the FIU is being done exclusively through the Message Board.
To date, more than 20 requests for information have been made via the Message Board. Replies are being provided more speedily, and in accordance with the new section 13(4) of the Financial Intelligence and Anti-Money Laundering Act 2002.
Furthermore, the Mauritius FIU has engaged in consultations with the Customs Department of the Mauritius Revenue Authority (MRA) to receive secured information via the goAML software.