Mauritius | Finances

November 20, 2012

Africa Forward Together 2012: MCB Offers African Banks

The Mauritius Commercial Bank is organizing the fourth edition of Africa Forward Together. The event attracted 52 participants from 37 banks from 15 countries in Africa. The opportunity for the first bank in the country to showcase its ability to serve as a conduit for banking transactions in Africa.

The Forward Together Africa should allow the MCB to achieve its objectives at the regional level. The Group's expansion happening now in Africa. Increasingly active on the continent in recent years, the MCB now turn to the higher speed.

Thanks to the technological advantages of the MCB, and networking, African banks can outsource some of their banking services such as the issuance of documentary credits, international payments, managing the transmission of SWIFT messages and manage the entire process linked to the activity of credit cards, said Raoul Gufflet, head of the international division of the MCB, during a presentation held on Monday at the Hotel Trou-aux-Biches.

The Forward Together Africa therefore allows MCB to reaffirm one of its major strategic objectives, is positioning itself as the "bank of banks".

Through the MCB, African banks can increase their market share, while improving their efficiency.

The MCB has outsourced a lot in recent years. 43% of bank profits, which reached Rs 4.1 billion for the fiscal year ending June 30, 2012, from foreign operations.

Note that the MCB has made further progress in the Top 1000 World Banks ranking prepared by The Banker annual, prestigious trade publication, part of the Financial Times Group. From July 2011 to July 2012, the Group improved its previous ranking of 54 places to hit the 662nd position globally.

It is also the only bank in Mauritius and East Africa to join the top 25 African banks. It now ranks in 18th place in Africa, having won five places compared to the 2011 ranking. MCB appears as one of three "highestmovers" in Africa, having increased its Tier 1 capital by 29.33% since July 2011.

According to the Economist Intelligence Unit, the African banking industry is poised to grow nearly 250% by the end of this decade.

 

 

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