MCB is partnering with the Mauritius Africa FinTech Hub (MAFH) to train young Mauritians in the Future FinTech Champions 2022 program. CTFs will have the privilege of hosting and participating in the first CTF Hackathon in October 2022 which will be guided by the MCB Innovation Department.
Expanding the Fintech sector in Mauritius
The Future FinTech Champions (FFC) is a one-year program that aims to develop the skills and knowledge of future Mauritian leaders in the field of FinTech, the set of new technologies developed to improve the accessibility or operation of financial activities. This is a first in the region. Even though today’s youth have increasing access to new technologies, many are still unfamiliar with the industry, and do not yet realize how much this concept could change, shape their careers, and provide opportunities. For those who don’t know, all new technologies whose objective is to improve the accessibility or the functioning of financial activities.
However, FinTech is moving into the mainstream and we are seeing an increase in demand for it around the world. Preparing students for the future of finance is therefore becoming an imperative. Indeed, the financial services industry is changing dramatically as technological innovations take hold and it is with this in mind that the Mauritius Africa FinTech Hub (MAFH ) is committed to helping them develop and expand their potential in this sector through the Future FinTech Champions.
The Future FinTech Champions (FFC) program
The Future FinTech Champions (FFC) program was launched on December 15, 2020 by MAFH. The latter had noticed that the Mauritian sector needed contemporary talent to develop.
The FFC program provides capacity building and unique networking opportunities developed by MAFH. The objective of the program is to enable the workforce of the near future to experience the FinTech environment, not only in Mauritius but also at the pan-African network level. The one-year program aims to train future leaders in the FinTech sector by integrating a team of specially selected students from the Mauritian FinTech ecosystem. CTFs develop their skills and knowledge of the sector by participating in various workshops, events, regulatory roundtables, internships, and other MAFH initiatives, thereby increasing their knowledge of the technologies, opportunities, and challenges facing the sector.
Thus, in 2021, MAFH conducted the first pilot project with a group of 20 students from six Mauritian universities. Now, Mauritius Commercial Bank (MCB) has become the first Mauritian sponsor of the Class of 2022, composed of 24 students from eight local universities.
MCB sponsors the Future FinTech Champions 2022
Michal Szymanski, Executive Director of MAFH, said, “MCB is the official partner and sponsor of the FFC 2022. As a reputable local bank, it will provide opportunities for CTFs as they will have the chance to work closely with MCB, which is an ideal ecosystem to support them throughout their journey. Among the 54 African countries, Mauritius is a prime example where the focus is on training youth and the CTF is a unique program that enables the development of new FinTech strategies. The private sector needs 21st century skills and training young people for jobs that don’t yet exist is the way to contribute to the country’s future.“
Darshana Seetah, Innovation Executive, at MCB also congratulated the finalists of this year’s CTF program. She shared a message from her colleague, Vishal Ramphul, Innovation Management Lead, who could not attend. Vishal Ramphul commented, “ As the first bank to join MAFH in 2020, MCB strongly believes in the potential of the developing FinTech business in Mauritius. MCB is fully committed to taking a more active part in the ecosystem and is in line with MAFH’s vision to position Mauritius as a FinTech hub in Africa. We are very proud to sponsor the Future FinTech Champions 2022 program and are keen to embark on this incredible journey with MAFH and this year’s class. The FFC program will help you hone your skills, deepen your industry knowledge, and become ambassadors for the FinTech sector. “
24 participants this year
Here are the details for the inaugural class of 2022:
- 24 FFC selected
- From 8 universities – University of Mauritius, African Leadership University, Curtin University Mauritius, Middlesex University, Mauritius Institute of Technology (MITD), Université Des Mascareignes, Amity University and University Technology of Mauritius
- Students on board in February 2022
- CTFs will participate in MAFH events held monthly during their program, including technical workshops, industry conferences, entrepreneurial skills workshops, networking events, roundtables, pitching sessions, event organization and panel discussions
- A selection of articles written by CTFs will be submitted, the best of which will be published on the MAFH website
According to Lisa Dosooye, Head of Skills at MAFH, ” The FFCs will organize events and be part of the ecosystem, which will ultimately contribute to the learning and skill building of students through the various workshops. It is here that they will develop leadership and communication skills, helping them to develop a portfolio of professional qualifications. At the end of the program, students will master new knowledge, have a better understanding of FinTech, a network of industry contacts, an improved resume and a certificate of completion.”
To conclude, last year’s top performing FFC participants, Balramsing Balgobin, Zaynah Bibi Nuckchedee and Manjishtha Chamroo, also addressed this year’s FFC participants and shared their journey and experience. They described the CTF adventure as a platform that provided them with incredible opportunities for networking and learning; they were able to organize events in artificial intelligence, develop skills specific to this field such as critical thinking, understanding the “Virtual Cryptocurrency Trading” competition as well as the “Virtual Stock Exchange Competition 2021”, all while working and progressing as a team.