Africa-Press – Mauritius. The Mauritius Post Foreign Exchange (MPFE) Co Ltd Integrated FOREX Application System (Fintech and Regtech) and money changing services, were launched this morning, by the Minister of Information Technology, Communication and Innovation, Mr Deepak Balgobin, at the headquarters of the Mauritius Post Office in Port-Louis.
The Chairman and the Managing Director of the MPFE, Mr Vireshwar Rambhujun, and Mr Jayram Naggea, and other personalities were present at the launching ceremony. In his address, Minister Balgobin recalled that the financial sector is one of the most important pillars of the country’s economy.
He indicated that the COVID-19 pandemic and Russian-Ukraine war impacted on the FOREX services, highlighting that the MPFE has strived to overcome the challenges and maintain a growing position in the Mauritian market.
The MPFE, he said, has been advancing well with the money transfer service and is seen as a major market player in the Mauritian FOREX market. In line with its diversification strategy, and to position the company in an upper dimension in the market, the MPFE concluded a Money Changing Services with the approval of the Bank of Mauritius, he stated.
Two additional places, he underlined, have been earmarked to provide the exchange services namely at Grand Bay and at the airport. Additionally, the MPFE, the Minister pointed out, developed a website in view to disseminating corporate and service information to the public.
The company is also hosting its business operations in a newly Integrated FOREX Application System, a mixture of both Fintech and Regtech, which are complementary for the smooth functioning of the FOREX business, he highlighted.
Mr Balgobin further dwelt on the recent developments in the financial market, and outlined the strategies implemented by MPFE to strive, grow and sustain in the market.
The MPFE, he said, has increased its visibility and accessibility to offer its money exchange services in other regions and since July 2021, Mauritian residents can receive money in 87 Post Offices throughout the island including Rodrigues.
Emphasising on market adaptability and agility, the MPFE, is likewise working on an Integrated Mobile App equipped with digital wallets for prospective customers to have their money transfers effected at their conveniences, he underscored. The project is expected to be implemented by the end of November 2023.
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