yandraduth googoolye : the importance of financial services to the economy and the need for good governance speech by mr yandraduth googoolye, governor of the bank of mauritius, at the celebration of the 125th anniversary of the mauritius civil service mutual aid association ltd, port louis, 15 november 2018. * * * the honourable prime minister and minister of finance and economic development, mr pravind kumar jugnauth the honourable minister of civil service and administrative reforms, mr cyril eddy boissezon the first deputy governor of the bank of mauritius and chairman of the financial services commission, dr renganaden padayachy the members of the board of directors of the mauritius civil service mutual aid association ltd ladies and gentlemen good afternoon 125 years in the life of a financial institution is indeed an occasion to celebrate especially when the central bank is only 50 years old. as your regulator, we are proud to collaborate and walk alongside to ensure your sustainability. this achievement takes more sense of pride when we consider how the mauritius civil service mutual aid association ltd came into being. from november 1893 to date, the association has undergone changes. launched by a group of civil servants at a time when there was only one bank, the association has carved its way to coexist commendably in the financial sector after obtaining a deposit taking license on 17 june 2005 from the bank of mauritius to mobilise fixed deposits from the general public. over the years, the association has gradually grown to become the largest non - bank deposit taking institution in mauritius, accounting for over half of the sector ’ s total assets. the association has broadened its customer base, having extended its facilities outside of the civil service with a total assets base of around rs43 billion, about a tenth of our gdp. the deposits mobilized by the association have increased by five - fold, from rs5 billion in 2005 to rs27 billion as at end of september 2018, which resulted into solid increase in advances from the association. the importance of financial services in an economy is undeniable on account of the benefits they provide to the economy at large. financial services facilitate domestic and international transactions, mobilize and channel domestic savings and broaden the availability of credit for firms, including smes, and households. the association has broadened its range of products on offer to cater for the specific needs of its members and the public at large. its attractive interest rates promote healthy competition, whilst contributing to financial access and inclusion

yandraduth googoolye : security and risk regarding the use of cards in mauritius keynote address by mr yandraduth googoolye, first deputy governor of the bank of mauritius, at the launch event of visa card security week 2011, port - louis, 11 october 2011. * * * ladies and gentlemen it is an honour for me to be invited to this audience this morning to share my views on the security and risk environment regarding the use of cards in mauritius. electronic money is projected to take over from physical cash for a large part of small - value payments, and continues to evoke considerable interest both among the public and the various authorities concerned, including central banks. the electronic money developments raise policy issues for central banks as regards the possible implications for their revenues, implementation of monetary policy and payment system oversight role. indeed, it is by virtue of this very last role – maintaining the clearing, payment and settlement system that we take an interest in cards, in the broader context of maintaining financial stability. mauritians increasingly use cards to make payments. in recent years plastic cards ( credit, debit and other cards ) have gained wide acceptance and their use has become popular in the country. the total number of cards issued by banks and outstanding increased from 700, 000 as at end - june 2001 to 1. 3 million as at end - june 2011. likewise, the actual usage has registered increases both in terms of volume and value i. e. from 1. 6 million transactions amounting to rs 2. 4 billion at end - june 2001 to 4. 1 million transactions aggregating rs 7. 7 billion at end - june 2011. these figures are expected to increase even further with the initiative of some banks to provide prepaid cards to an even more sophisticated and demanding clientele. in view of such a widespread use of cards, issues relating to the regulation of this payment mode as well as those relating to customer protection assume considerable importance. the functioning of the card payment system should not present any risks to the payment and settlement systems in particular and to the country ’ s financial system in general. the use of cards is so entrenched in the habits of the population that a serious disruption that affects the entire card system, or large parts of the system, would have serious consequences for the ability of people to make payments. if card payments do not work, then the entire payment system will be disrupted. the bank ’ s responsibility for a safe and efficient payment system