Question 1

What is Bank One?

Accepted Answer

Bank One is a full-service commercial bank based in Mauritius. The bank is jointly owned by CIEL Limited (50%) and I&M Group Plc (50%), combining local expertise with regional banking strength. With total assets of approximately MUR 57 billion (US$1.45 billion) as of 2020, Bank One serves both retail and corporate clients with a focus on domestic banking operations and cross-border business throughout Sub-Saharan Africa.

The bank operates through a network of branches across Mauritius and provides specialized services including wealth management, custody, private banking, and corporate and institutional banking.

Question 2

When was Bank One founded?

Accepted Answer

Bank One was established in 2008 following a joint venture between Mauritian conglomerate CIEL Investment Limited and Kenyan group I&M Group (then Investment & Mortgages Bank Ltd). The acquisition was completed in December 2007, with the new management taking over in February 2008.

The bank's predecessor was First City Bank, which had commenced operations in June 2002 through the acquisition of another banking business in Mauritius. This foundation gave Bank One an established operational base from which to build its modern banking services.

Question 3

Where is Bank One headquartered?

Accepted Answer

Bank One is headquartered at 16 Sir William Newton Street in Port Louis, the capital city of Mauritius. The head office serves as the bank's main branch and administrative center.

The Port Louis location positions the bank at the heart of Mauritius's financial district, providing convenient access to the country's business community and regulatory institutions.

Question 4

Where does Bank One operate?

Accepted Answer

Bank One operates throughout Mauritius with a network of branches distributed across key urban and regional centers. The bank maintains branches in major towns including Curepipe, Rose Hill, Quatre Bornes, Vacoas, Flacq, and Rose Belle, providing coverage across the island nation.

As of 2020, the bank operated approximately 16 branches along with an ATM network that serves over 50,000 customers throughout the country. The bank also maintains a representative office in South Africa to support its cross-border business operations.

Question 5

What services does Bank One offer?

Accepted Answer

Bank One provides a comprehensive range of banking services across multiple segments:

Retail Banking: Current accounts, savings accounts, term deposits, personal loans, credit cards, and mortgage products for individual customers.

Corporate and Institutional Banking: Trade finance, corporate finance, working capital solutions, and specialized services for businesses and financial institutions.

Treasury Services: Foreign exchange, money market instruments, capital market services, and hedging solutions for managing currency and interest rate risks.

Private Banking and Wealth Management: Personalized banking services, investment advisory, portfolio management, and custodian services for high-net-worth clients.

Elite Banking Offshore: International offshore banking solutions designed for expatriates, frequent travelers, and individuals with cross-border financial needs, providing access to multi-currency accounts and international payment services.

Digital Services: Bank One offers online banking platforms, mobile banking applications, and the innovative pop payment app—a universal digital payment solution powered by the Mauritius Central Automated Switch (MauCAS) network. The pop app supports instant peer-to-peer transfers, merchant payments, bill payments, and loyalty rewards, and is available in English, French, and Creole.

Question 6

What makes Bank One unique?

Accepted Answer

Bank One distinguishes itself through its strong focus on digital innovation and payments technology. The bank launched pop, Mauritius's first universal digital payment solution, positioning itself at the forefront of the country's cashless transformation. The app is the first financial services mobile application available in Creole, demonstrating the bank's commitment to financial inclusion.

The bank benefits from unrivaled access to Sub-Saharan African markets through its shareholders' operations in eight African countries (Kenya, Madagascar, Rwanda, Tanzania, Uganda, Ghana, Ivory Coast, and Mauritius). This regional footprint enables Bank One to provide specialized cross-border banking services and deep market knowledge for businesses operating across the continent.

Bank One operates under the philosophy "From Africa, For Africa" and embraces the Ubuntu principle ("I am because we are"), reflecting its commitment to community-focused banking. The bank holds multiple licenses beyond traditional banking, including permissions to act as an insurance agent, distributor of financial products, investment advisor, and custodian through the Financial Services Commission of Mauritius.

Question 7

What type of financial institution is Bank One?

Accepted Answer

Bank One is a commercial bank licensed by the Bank of Mauritius to carry out banking business under the Banking Act 2004. As a full-service commercial bank, it provides traditional deposit-taking and lending services alongside specialized offerings in treasury, wealth management, and offshore banking.

The bank operates as a privately-owned institution with equal shareholding between two major financial groups—CIEL Limited of Mauritius and I&M Group Plc of Kenya. This joint ownership structure combines the strengths of a leading Mauritian conglomerate with significant operations across 10 countries with an East African banking group listed on the Nairobi Stock Exchange.

Bank One is also licensed as a merchant acquirer with VISA and Mastercard for e-commerce transactions, and holds regulatory approvals for various financial services activities including custody, investment advisory, and insurance agency services.

Question 8

What is Bank One's approach to digital transformation?

Accepted Answer

Bank One has positioned itself as a digital banking innovator in Mauritius, actively driving the country's transition toward a cashless society. The bank's digital strategy emphasizes collaboration with fintech firms and the development of customer-centric, use-case-driven solutions.

Through partnerships with payment platforms like MiPS and integration with the Loyalty OneWorld ecosystem, Bank One demonstrates its commitment to creating an "open architecture financial supermarket." The bank's vision extends beyond traditional banking products to encompass insurance, microloans, and microsavings—delivered through digital channels in partnership with both established players and emerging fintech companies.

Bank One embraces bank-agnostic solutions, allowing customers to benefit from universal payment infrastructure regardless of their banking relationships. This collaborative approach reflects the bank's belief that innovation emerges from fintech partnerships while being supported and scaled by traditional banking infrastructure.

Bank One

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About Bank One in Mauritius