Based on an interview Business Magazine conducted with Ravin Dajee, MD of Absa Bank Mauritius.
1. If you were to provide an overall assessment of the past year, how would you describe Absa Mauritius’ journey in 2025? What key milestones defined this period and helped strengthen the bank’s position within the Mauritian financial ecosystem?
2025 has been a year of positive consolidation, innovation and disciplined growth for Absa Mauritius, anchored in financial strength, customer-centricity, pioneering digital advancement, tangible progress on sustainability, and robust governance.
In terms of financial performance, 2025 has been an exceptional year for Absa Mauritius, characterized by strong growth and a sharpened focus on delivering value to our customers and communities. Our growth trajectory is gaining momentum, outpacing market trends and reinforcing our position as one of the leading players in the Mauritian financial sector. This success is a reflection of the relentless execution of our strategy and an ability to adapt to evolving economic conditions.
Our valued customers remain the focal point of why we exist and several initiatives were introduced during the year to enhance our primacy with customers and clients and how they experience Absa through making banking simpler, more personalized, and more accessible. Beyond technology, we strengthened client engagement through flagship events and premium experiences such as the Absa Wealth Golf and SACC Art events, reinforcing our relationship-led, future-focused positioning. As we look to 2026 we will be redoubling our efforts to ensure that our products, propositions and processes are aligned in delivering the very best customer experience possible.
Equally important are our people; we have invested significantly in talent acquisition, professional development, and creating a workplace culture where people feel empowered and can thrive. Our colleague retention rates reflect this commitment, and we continue to attract exceptional talent to the organization. Being certified as a “Top Employer 2025” in Mauritius and across Africa – the first local bank to achieve this distinction – underscores our unwavering commitment to creating an exceptional workplace. This recognition also reflects our focus on employee well-being, continuous learning, and leadership development, ensuring that our people have the tools and environment to thrive and deliver excellence.
Beyond business performance, we continued to make a meaningful impact in our communities through programs that support the environment, health, entrepreneurship, and financial literacy. Our sustainability agenda gained momentum through the year, by financing renewable energy projects alongside impactful community programs like Absa Women Forward and the National Cancer Awareness campaign – “Stories of Hope” – alongside our strategic partners C-Care and the Ministry and Health and Wellness. These initiatives form part of a coordinated Sustainability strategy that balances profit with purpose.
Finally, as a leading Pan African Bank we remain committed to the highest standards of governance and ethical conduct. to ensure that we deliver sustainable value for all stakeholders. In this regard we are proud to be the only bank in Mauritius to hold the ISO 37001 anti-bribery standard certification.
This broad based progress across our strategy and embedment of our Absa values culminated in global recognition when Absa Mauritius was named “Bank of the Year 2025” by The Banker earlier in December. This accolade is more than an award — it is a testament to our exceptional growth, unwavering commitment to customer experience, sustained investment in our people, and dedication to the highest standards of governance. It reflects the collective effort of our teams and reinforces our position as a trusted, forward-looking partner within the Mauritian financial ecosystem.
2. In your view, what were the highlights of 2025 for Absa Mauritius? Whether in terms of strategic projects, innovative launches, or internal initiatives, which events truly shaped the year and demonstrated the bank’s transformative momentum?
Several defining moments stand out which talk to our focus on remaining both trusted and relevant for our customers in fast changing operating conditions.
· The launch of our Signature debit and credit cards and the full operationalization of our Wealth Investment suite were not just product milestones—they signaled our commitment to meeting evolving client needs and positioning Mauritius as a regional hub for Wealth Management.
· Absa Mauritius played a pivotal role as the sole financial partner for a government-backed solar photovoltaic farm, delivering 10 MW of clean energy. The project will power approximately 7,000 households and reduce annual CO₂ emissions by nearly 19,200 tons.
· The rollout of “Spark for Business”, onboarding hundreds of merchants across the island, and the deployment of advanced CKYC and e-KYC solutions, fundamentally reimagined how we serve our customers, making banking more seamless, secure, and accessible. This pioneering approach to digital transformation was recognized on the global stage through various leading industry accolades, including the Awards for “Best Payments Platform Initiative – Africa” and “Best Digital CX for Account Opening and Customer Onboarding” from The Digital Banker, as well as the “Global SME Innovation Award”.
· On diversity and inclusion, we made meaningful progress on our DEIB agenda through partnerships with key NGOs and the execution of an MoU with the University of Mauritius to promote inclusive education and employment opportunities.
· We crystalized our commitment to Sustainable Finance by securing a USD 75 million climate finance facility and introducing sustainable trade finance solutions..
· Finally, Absa was the primary sponsor and hosted the BEN-Africa Conference in 2025, reaffirming our dedication to governance and ethical leadership. The conference, which attracted several leading academics, consultants and practitioners in the field of corporate governance and ethical leadership, was a resounding success.
3. 2025 was a pivotal year for the banking sector, characterised by rapid and sometimes disruptive changes. How did Absa Mauritius adapt to these market shifts; whether evolving customer expectations, technological transformations, or a changing economic environment?
Remaining agile and responsive to an environment which is constantly changing for our stakeholders remains both a challenge and an opportunity. In many ways 2025 was a transformative year for the banking sector, and at Absa Mauritius, we recognize the need to embrace change to strengthen our relevance and resilience, to better serve our clients and strengthen our position in the market.
Customer behavior and expectations have and continue to evolve. Today, customers seek more than digital convenience—they expect personalized, frictionless experiences that are seamless. Recognizing this shift, we accelerated our digital transformation journey, elevating our mobile and online platforms to provide 24/7 access to banking services with unmatched ease. Yet, we have stayed true to what makes Absa unique: the human connection. Our digital evolution is designed to complement—not replace—the personalized service our clients value most. This balance remains central to our philosophy of harnessing technology alongside the personal relationship with talented colleagues at all levels of the organisation.
The technological transformation across the sector has been profound, particularly around artificial intelligence and data analytics. We've invested strategically in these areas, modernizing our technology stack, integrating advanced cybersecurity measures, and adopting cloud-based solutions to improve agility and scalability. This allowed us to innovate faster and ensure uninterrupted service delivery in a rapidly changing environment.
From an economic perspective, Mauritius has navigated a complex global environment this year. We have had to remain adaptive and responsive, adjusting our risk frameworks and product offerings to support our clients through varying conditions. We supported businesses and individuals with flexible financing solutions and advisory services, while reinforcing our commitment to sustainability and inclusive growth.
Ultimately, our ability to adapt has been founded on a culture of agility and collaboration—ensuring that we not only navigate disruption but turned it into a catalyst for progress. This will remain a key priority for us going forward.
4. What concrete measures did the bank implement to anticipate, support, or even stay ahead of these transformations? And what lessons have you drawn from this year regarding agility, resilience, and innovation?
The tangible steps of evolution in banking at Absa are premised on a mindset of embracing change and questioning traditional methods of how we operate. A few examples would include:
· Transforming the banking experience with a customer-first philosophy, introducing fully online onboarding, enhancing digital channels for anytime, anywhere banking, and deploying a modern tech stack for 24/7 availability.
· Embracing Digital Transformation as a leadership focus area and recognised digital as a growth engine, creating new revenue streams through our Digi suite of products. and Spark Business. Our efforts to modernise payments led to the launch of an omni-channel solution designed to reduce reliance on cash and traditional cards, while creating opportunities for small merchants to participate in the digital economy.
· Setting Operational excellence as a driver of efficiency and customer experience, enabling teams to focus on touch points with customers that unlock value and build trust.
· People remain our greatest enabler. We invested significantly in future-ready skills through Strategic Workforce Planning and academies focused on data, digital, and ESG.
· Cybersecurity and operational resilience are pillars of trust. Cybersecurity is no longer just about protecting internal systems and infrastructure; it is about protecting trust in the financial system itself. At Absa, cybersecurity is treated as a primary strategic risk and a leadership responsibility. This prioritization was behind our securing ISO 27001 recertification in 2025 and embedded strong governance, real-time monitoring, and incident response readiness at Board level, while investing in colleague training and simulated attack scenarios. To ensure operational resilience, we modernized infrastructure, strengthened redundancy, and enhanced cloud capabilities, supported by rigorous business continuity planning and stress testing to maintain stability and confidence under any disruption.
The lesson from this year is clear: agility, resilience, and innovation are not optional—they are business imperatives. We will continue to adapt, collaborate, and explore technologies such as AI in line with the belief that those who continuously adapt will lead. For us, transformation is not a project; it is a mindset.
5. Could you provide an overview of Absa Bank Mauritius’ financial performance this year? Which key indicators best illustrate the bank’s strength, and how do these results reflect your ability to balance sustainable growth, risk management, and value creation for stakeholders?
Absa Bank Mauritius is set to deliver another consecutive year of meaningful growth in 2025, building on the strong momentum achieved in 2024.
We delivered double-digit revenue growth for the nine months ended September 2025, the highest growth among major local banks. This was driven by expansion in our loan book (up by 14.8%), strong deposits (up by 6.4%), and diversified fee income from investment banking, global markets, trade finance, Wealth and transactional banking – reflecting a healthy diversification of income streams.
While headline earnings were impacted by increased impairments and tax charges, this mirrors the broader market environment. Importantly, our underlying business remains resilient, underpinned by disciplined risk management.
Cost growth was contained at 5.9%, reflecting effective cost discipline despite unplanned tax expenses and our commitment ongoing investment in technology and talent. Our cost-to-income ratio remains competitive at 38.3%, and our return on equity stood at 17.1%, in line with market trends.
Asset quality remains strong, with low NPL ratios and high coverage, reflecting disciplined underwriting and close portfolio monitoring. Our balance sheet continues to grow in a deliberate and positive manner, with loans and deposits expanding in key segments and with capital and liquidity levels comfortably above regulatory requirements.
In a challenging environment, our results reflect the strength of our strategy and our ability to convert ambition into results through consistent execution.
The overarching message to market is one of deliberate and controlled growth – strong returns for shareholders, a resilient and well-capitalised bank for regulators and rating agencies, and the capacity to continue investing in better solutions for clients and communities.
6. Finally, can you outline the bank’s main initiatives in social and environmental responsibility? How are these commitments implemented both within your organisation and in the communities you support, and in what ways do they generate lasting positive impact for your industry and for Mauritian society as a whole?
At Absa Mauritius, Sustainability and ESG are integrated into why we exist – to shape a better, more prosperous and just society in which purpose and profit intersect. This is encapsulated in our purpose of Empowering Africa’s tomorrow, together, one story at a time. We believe that financial institutions have a critical role to play in shaping a sustainable future, and our initiatives reflect that conviction.
In 2025, our social and environmental agenda focused on inclusion, empowerment, culture and climate, with initiatives centered in tangible impact.
· Inclusion and education – with a strong focus on young people with disabilities.
Our strategic partnership with the University of Mauritius is a flagship example. Through this MoU, we are creating internship and employment pathways for students with disabilities, co-developing a Master’s programme under the Graduate Training for Employment Scheme, and funding an inclusive learning lab on campus. These are implemented jointly by our Human Capital and Sustainability teams and are already building a pipeline of differently-abled young professionals in the financial sector, helping to shift mindsets on what a truly inclusive workforce should be.
· Women’s economic empowerment – Absa Women Forward and cultural entrepreneurship.
With the Absa Women Forward programme, we continued to mentor and support women entrepreneurs, combining skills training, networking and access to finance. We also supported the publication of “Moris Ikonik”, created by three talented Mauritian women, which celebrates local art and heritage while giving them a platform to build a sustainable creative business. It is a concrete way of turning purpose into action: supporting women-led ventures that, in turn, create jobs and amplify Mauritian culture.
· Supporting Mauritian gastronomy and talent – Bocuse d’Or and culinary training.
Beyond traditional CSR, we are proud to support sectors that carry Mauritius’ identity to the world. As platinum sponsor of Bocuse d’Or Mauritius and partner to initiatives such as the École Hôtelière culinary training programme, we are investing in the next generation of chefs and hospitality professionals. This is about much more than a logo on an event – it is about empowering Mauritian talent compete on the international stage, boosting the country’s reputation as a high-quality gastronomic and tourism destination, and opening up future opportunities for young professionals in this industry.
· Climate action and green finance – turning capital into climate solutions.
On the environmental side, a cornerstone of our work is the USD 75 million climate finance facility secured from Proparco, which is being channeled into renewable energy, green buildings and other climate-positive projects. In parallel, we are actively contributing to the development of a national Green Taxonomy and embedding a sustainable finance lens in our credit decisions. At colleague level, our teams have been directly involved in biodiversity projects such as the preservation of the indigenous forest at Le Morne and reforestation initiatives, reinforcing the link between what we finance and how we behave as a corporate citizen.
· Community health, financial literacy and colleague volunteering.
Through multi-year programmes like the “Stories of Hope” (our national cancer sensitisation and early-screening campaign) and our expanding financial literacy initiatives, colleagues are actively engaging on the ground as volunteers and ambassadors to make a positive difference in the lives of others. Thousands of hours are being dedicated to mentoring, awareness sessions and community work. This reinforces our caring culture at Absa – colleagues see themselves as catalysts for positive change – and it creates very tangible benefits for Mauritian households in terms of health outcomes and financial resilience.
· Ethical leadership and governance.
Finally, we prioritize sound ethics as part of our responsibility to society. Maintaining our ISO 37001 anti-bribery certification with zero non-conformities and hosting thought-leadership platforms on ethics and compliance send a strong signal: that good governance is non-negotiable at Absa. In a jurisdiction that positions itself as an International Financial Centre, that kind of leadership raises the bar and profile of the country and underpins long-term stability.
These priorities and milestones are intentional and integrated in our purpose, ambition and strategy. They shape how we deploy capital, how we develop our people and how we show up in the community. Ultimately, our view is simple: Absa Mauritius will only be truly successful if the society around us is progressing as well – more inclusive, more sustainable and more confident in its own talent and identity.
MD’s Interview
1. How would you define the strategic vision you have for Absa Bank Mauritius over the coming years, and how does this vision align with the profound transformations taking place in the banking sector, both locally and internationally?
Our strategic vision for Absa Bank Mauritius is built on three key pillars: consolidation, diversification and transformation. Over the coming years, we aim to position Absa Mauritius as the country’s leading digitally powered, human-centred bank , prioritising innovation, customer experience and sustainability, while remaining a trusted partner in an increasingly complex world.
1. Global and local banking trends
The banking sector globally is undergoing profound transformation driven by digital innovation, regulatory evolution, and changing customer expectations. We see accelerated adoption of AI, open banking, and sustainable finance as defining trends. Locally, Mauritius is strengthening its position as a regional financial hub, with increasing emphasis on technology, compliance, and ESG principles. These dynamics present both opportunities and responsibilities for banks like ours to innovate while maintaining trust and stability.
2. Alignment with Absa Group’s growth strategy
Absa Group’s ambition is clear: to be a leading pan-African financial services provider, delivering sustainable growth and superior customer experiences. At Absa Mauritius, we play a strategic role in this vision by leveraging our strong local presence and expertise to contribute to the Group’s regional footprint. For our parent company, the Mauritius subsidiary serves multiple strategic functions. The island's position at the crossroads of Asia and Africa makes it an ideal conduit for channeling international investment into African markets. The jurisdiction's robust legal framework, political stability, and adherence to international standards provide comfort to institutional investors and development finance institutions seeking exposure to African opportunities while managing risk appropriately. Most notably, Mauritius is the only African country that maintains an investment-grade credit rating, a distinction that significantly enhances its attractiveness to international investors and institutions.
3. Financial resilience and shareholder value
Resilience is at the heart of our strategy. We are consolidating our position in the local market through prudent risk management, operational efficiency, and innovation. This ensures we not only safeguard our financial strength but also contribute meaningfully to the Group’s bottom line. Ultimately, our goal is to deliver sustainable returns for our shareholders while creating long-term value for our customers and the communities we serve.
In short, our vision is to be a trusted partner and an enabler of growth for clients and the Mauritian economy—because when people grow, the economy grows. This is the essence of our tagline: Your Story Matters.
2. In your view, what will be the key growth drivers for Absa Bank Mauritius in the Mauritian market, and how do you plan to leverage these opportunities to sustainably strengthen the bank’s position?
We see several powerful growth engines:
- The Mauritius International Financial Centre (IFC) and cross-border flows: we are scaling cross-border banking, positioning Absa as the preferred partner for global investors using Mauritius as a base into Africa. This includes leveraging the Middle East corridor, where we are building strong trade and investment linkages to connect capital with African opportunities.
- Infrastructure and sustainable development: we are financing strategic projects in renewable energy, real estate, smart cities and social infrastructure, often underpinned by climate and ESG financing lines.
- The entrepreneurial ecosystem: through platforms like Spark Business, our goal is to modernize the domestic payment ecosystem by shifting SMEs and new-economy businesses away from costly, outdated payment methods – such as cash, cheques, and cards – towards efficient digital solutions. This approach helps bring these operators into the formal financial system while driving inclusion and transparency
- The growth of the affluent and middle class: we are expanding Wealth and Investment solutions as well as offerings like the Signature Card, to serve rising demand for sophisticated banking and global investments.
- The digital economy and fintech collaboration: by partnering with fintechs, participating in sandboxes and exploring digital assets, we are ensuring Absa stays at the centre of the emerging digital finance landscape.
Across these drivers, our approach is deliberate: diversification, disciplined risk management, and long-term value creation. Our ambition is not just to grow, but to enable clients and communities to thrive.
3. What central role does innovation play in your development strategy, and how do you ensure the integration of new technologies or working methods to enhance customer experience, improve operational efficiency, and remain a leading player in a constantly evolving industry?
Innovation is embedded as a core strategic pillar, driving clear objectives around new revenue streams, breakthrough solutions, and enhanced customer experiences. We embrace modern ways of working to simplify processes, empower our people, and create seamless, intuitive interactions that make life easier for both our teams and our customers.
Concretely:
- We are delivering on key customer touch points – such as onboarding, lending and merchant payments – through digital capabilities and, increasingly, AI-assisted infrastructure.
2. We work in agile, cross-functional squads that bring together business, tech, risk and CX to design, test and scale new solutions at pace and scale.
3. We harness technology not only to serve clients but also to protect them – with AI-driven fraud and AML monitoring, and strong cybersecurity aligned to group standards.
4. We are investing heavily in upskilling colleagues, so innovation is not something “done to them”, but something they own, are part of and shape in terms of ways of working.
Our philosophy is that innovation must make an impact in terms of convenience, accessibility and simplification.
4. Could you share your leadership philosophy and explain how it translates into concrete actions in your day-to-day work? How do you inspire your teams, align them with Absa Bank Mauritius’ strategic objectives, and foster an organisational culture that promotes performance, engagement, and innovation?
My leadership philosophy is founded on a simple yet powerful principle: lead with purpose, authenticity and empower people to deliver exceptional value to our customers. Leadership is not about directing from the top but about creating an environment where every individual feels connected to a shared vision and has the tools, confidence, and autonomy to deliver optimally.
On a day-to-day basis, this means being intentional in how I communicate, collaborate, and make decisions. I focus on three key actions:
1. Clarity of vision:
I ensure that our teams understand not just what we aim to achieve, but – more importantly - why it matters. Every strategic objective is linked to our purpose of “Empowering Africa’s tomorrow, together… one story at a time.”
2. Empowerment and accountability
I encourage ownership by giving teams the freedom to innovate while holding ourselves accountable for outcomes. This balance fosters trust and drives high performance.
3. Continuous Engagement
Leadership is a dialogue, not a monologue. As a leader active listening, continually seeking feedback, and celebrating successes are the daily habits required to build meaningful engagement that delivers outcomes.
Fostering a Culture of Performance, Engagement, and Innovation
I place great emphasis on creating the right culture at Absa which can drive competitive advantage. Culture, which is basically shared values at scale, connects how people behave and perform to our strategic purpose of why we exist, and is the foundation of sustainable success. The culture we aspire to create is rooted in one principle: we exist to serve our customers. Every decision, every process, and every innovation begins with a single question: how does this deliver value to our customers? By making customer-centricity the heartbeat of our culture, we ensure that performance, transformation, and innovation consistently align with creating exceptional experiences at scale.
5. What are the key strategic projects and flagship initiatives Absa Bank Mauritius plans to launch by 2026, and how will these initiatives transform the bank, strengthen its market position, and address the evolving needs of its clients?
At Absa Mauritius, our strategic roadmap in 2026 is anchored on three core pillars: protecting and consolidating our traditional business lines, accelerating our diversification strategy, and exploring new growth opportunities. These initiatives are designed to transform the bank, strengthen our market position, and meet the evolving needs of our clients.
i. Protecting and consolidating our core business
Our first priority is fortifying our core banking operations through comprehensive business transformation initiatives. We are reimagining our operational model to deliver superior efficiency and an elevated customer experience across all touchpoints. This includes streamlining processes, reducing turnaround times, and eliminating friction points that have historically complicated banking relationships. This includes leveraging data-driven insights to personalize engagements and strengthen customer primacy; our ambition is to become the primary banker for our clients. By modernizing processes and embedding digital-first solutions, we aim to simplify banking and make it more intuitive, responsive, and accessible.
ii. Accelerating our diversification strategy
We are expanding into highly potential areas such as sustainable finance, which aligns with our commitment to responsible banking and ESG principles. Our innovative payment platform, “Spark”, will continue to drive new ideas and partnerships. We will extend the Spark concept to retail clients with a mobile-first banking proposition offering instant onboarding, day-to-day banking, P2P payments and personal financial management tools.
We are also significantly expanding our custody business, capitalizing on Mauritius's strategic position as an international financial center. Enhanced custody services will serve institutional investors, fund managers, and corporates requiring sophisticated asset servicing and safekeeping solutions.
Finally, our wealth management expansion recognizes the growing affluence in Mauritius and the region. We are building a comprehensive wealth proposition that goes beyond traditional private banking, encompassing investment advisory, estate planning, succession planning, and cross-border wealth structuring to serve high-net-worth individuals and family offices.
iii. Exploring new growth opportunities
Beyond our current portfolio, we are actively assessing emerging trends and markets to identify new revenue streams. This includes tapping into regional opportunities and leveraging our pan-African network to deliver integrated solutions for businesses and individuals.
Our strategy is powered by two critical enablers: our people and our technology. By investing in talent development and fostering a culture of innovation, we ensure our teams are future-ready and client-focused. At the same time, we are embedding advanced technologies, data analytics, and AI across our operations to deliver hyper-personalized experiences, enhance efficiency, and anticipate client needs with agility.
1. People, Talent, and Culture:
Our transformation is fundamentally about our people. We are investing heavily in talent acquisition, retention, and development, building capabilities in data science, digital banking, sustainable finance, and customer experience design. We are fostering a culture of innovation, agility, and customer-centricity where every team member understands they play a role in our clients' success. This includes leadership development programs, continuous learning opportunities, and creating an inclusive workplace that attracts Mauritius's best talent.
2. Technology, Data, and AI:
We are embedding advanced technologies and AI-driven analytics across our operations to enhance decision-making, automate processes, and deliver hyper-personalized experiences. This digital backbone will enable us to anticipate client needs and respond with agility.
In essence, these initiatives are not just about growth; they are about redefining banking for our clients, creating sustainable value, and positioning Absa Bank Mauritius as a leader in a rapidly evolving financial landscape.
