What are our Future FinTech Champions learning at the moment? And what are their thoughts on the current development of FinTech? Read through this submission from one of our FFCs, Greeshny Babba, currently studying BCom Accounting & Finance (PwC Flying Start Programme) @ Curtin University Mauritius [Submission made in September 2025].

Introduction

‘Green Finance’; a big term, but a simple idea. As complex as it may sound, simply put, ‘Green Finance’ encompasses any finance-related endeavours for which the intended objective is a more sustainable and healthier tomorrow (Fleming 2020). It is a humble idea which, in reality, has emerged in the global economy, where developed and developing nations are outwardly supporting the evolution of sustainable and inclusive financial systems.

Mauritius, as a small island developing state (SIDS), is equally concerned considering that green finance is deemed crucial for its environmental, economic, and social stability and its future prosperity. As such, over the last couple of years, from the issuance of green bonds to weaving forward-looking regulations, the island has been perpetually striving to embed sustainability into its financial decisions (SPI Journal 2023).

Even so, its influence extends well beyond. With young Mauritians coming forward as visionaries, advocates, and entrepreneurs in the finance field, Mauritius may as well become a global exemplar as a leader among the small island nations, and not just a participant in embracing green finance.

The Journey of Mauritius in Green Finance

The mobilisation of green finance in the country began in 2020, when the Mauritian government announced the development of a green finance framework in its 2020/2021 budget (Blumenthal et al. 2022). Following this, the Bank of Mauritius proceeded to release a guide (the ‘BOM Guide: Issue of Sustainable Bonds in Mauritius’) in June 2021 and the Financial Services Commission published its guidelines (the ‘FSC Guidelines: Issue of Corporate and Green Bonds in Mauritius’) in December
2021 (Blumenthal et al. 2022; SPI Journal 2023).

History was subsequently made by CIM Financial Services Ltd (Cim Finance), a listed company in the leasing sector, as the first Mauritian company to issue sustainable bonds to fund projects that will drive the island towards a carbon-neutral economy (ImpactReports 2022). By capitalising on such an initiative, Mauritius has steadily carved its place in the international conversation on sustainable finance.

Another key landmark is the launch of the SEMSI (Stock Exchange of Mauritius Sustainability Index) by the Stock Exchange of Mauritius (SEM) in September 2015. It is an index which tracks independently audited companies that are listed on the SEM to ensure that they are actively involved in undertaking sustainability initiatives (Stock Exchange of Mauritius, n.d.).

In conjunction with the above, the Sustainable Finance Framework is yet another milestone which Mauritius has achieved. The country has sequentially positioned itself as a hub for green finance in the Sub-Saharan Africa since this framework has reinforced transparency and credibility to the ever- evolving finance market of Mauritius, attracting global investors and international partnerships (Government of Mauritius 2023).

From Policy to Practice: The Role of Local Firms

As mentioned above, ever since the Bank of Mauritius (BoM) has laid the foundation with its guide on bond issuance, Mauritius has been proactive in ensuring transparency and integrity when weaving sustainability in its financial industry. Following the first listing and trading of green bonds by CIM Finance Ltd on SEM’s Official Market, other local financial institutions as well have stepped up to the game in embracing green finance, demonstrating a flourishing commitment to sustainable development (Stock Exchange of Mauritius 2023; ImpactReports 2022).

In 2023, the conglomerate ENL, by way of its subsidiary (Envolt), unveiled a Rs 2 billion programmed and issued its first green bond for Rs 510 million, where the proceeds will be employed in funding 13 solar photovoltaic parks (Radier 2023). In fact, MCB Capital Markets, part of the MCB Group, acted as the advisor of Envolt’s Green Project Bonds, marking the first time that a bond issue financed an eco-energy project (MCB Group 2023a). In 2023, MCB Group even launched its “Sustainable Loan” for both large firms and SMEs, encouraging all types of firms to shift towards lower carbon footprints (MCB Group 2023b).

Each one of these green initiatives are supporting the nation’s objective of generating 60% of its energy from renewable sources by 2030 (MCB Group 2023a). With the help of these local firms, Mauritius has been steadily progressing in green finance.

Mauritius v/s Global Leaders- A Comparative Insight

The regulatory shift of Mauritius in green finance has in some ways mirrored that of the global leading frameworks such as the EU Taxonomy and the Singapore’s Green Finance Action Plan.

The table below highlights the alignment of the island’s green finance ambitions with those of Iinternational leading frameworks:

(Green Finance Platform 2019; European Commission 2025; European Commission, n.d.; National Climate Change Secretariat 2022; Habboul 2024; Government of Mauritius 2023)

 While the above table shows how Mauritius is demonstrating commitment to a greener tomorrow, the country can further strengthen its green finance framework by broadening disclosure requirements and facilitating more incentives for green fintech projects.

The Real Catalyst? That’s You!

Youth-led green finance is what could give Mauritius the prospect to become a role model for not only small island nations, but for the world as a whole. Studies have proven that the young activists, driven by climate urgency and being more environmentally conscious than ever, contribute fresh energy to the sustainable finance market by leveraging digital platforms (Tripathi, Mathur, and Garg 2025).

Youth-initiated green projects are experiencing amplified impact through social media engagement on platforms like Instagram and Tiktok, raising on average 25% more than traditional crowdfunding methods (Tripathi, Mathur, and Garg 2025). As a result, the youngsters should be encouraged to help spread awareness of green finance to make it more of a community movement. The success stories of green businesses by young Mauritians should be showcased, which will in turn, motivate others to push sustainability into their career choices and investments.

The journey towards a green Mauritian economy stretches further ahead of the frameworks and policies; the true change rests in your hands. Whether it is endorsing firms with green practices, kicking off eco-friendly businesses or engaging in academic research to explore green finance, you are instrumental in shaping the Mauritian economy. By harnessing your digital savviness to create and support fintech solutions, you have the power to drive the shift as upcoming innovators and change- makers in the country (Tripathi, Mathur, and Garg 2025).

Conclusion

Whilst some might say that Mauritius is still in its early stages of adopting green finance, the country, albeit small in size, has come a long way and perseveres to adopt bold steps in going green. Mauritius is proof that small economies can be ambitious and innovative in leading sustainable finance even without vast resources. Ultimately, the future of green finance in Mauritius rests squarely on the shoulders of its youth.

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