Bank One: Mauritian bank of I&M Group and CIEL Finance, offshore offering for African clients

Bank One Limited, established in 2008, is a bank licensed by the Bank of Mauritius; it appears on the list of member banks of the Mauritius Deposit Insurance Scheme as at the end of May 2026. According to its presentation, it is a joint venture of I&M Group, an East African banking group, and CIEL Finance, the financial arm of the Mauritian CIEL group.

The licence number and the individual entry in the Bank of Mauritius register were not consulted; the split of capital between the two shareholders is not stated on the page consulted.

The Elite Banking Offshore offering is aimed at clients based in sub-Saharan Africa who are looking for a bank in a stable jurisdiction; the bank states that it serves clients in figure being updated African countries, Mauritius included, without naming them. One presentation page targets a broader audience of "global citizens", frequent travellers, expatriates and investors.

The documents requested are valid proof of identity, proof of address and proof of income. The request goes through a contact form, which asks for a preferred branch; the bank specifies that the form is not binding and that it may refuse an account opening at its discretion. Opening remains subject to minimum entry criteria that are not quantified.

Whether the account can be opened remotely or in person, the list of accepted countries, the treatment of European residents, the minimum age and the situation of "US persons" are not published on the pages consulted.

Bank One offers current, savings and term accounts in foreign currencies, securities custody services and home loans in Mauritius. The public fee schedule, shown as last updated in October 2021, sets for an individual a minimum balance on a foreign-currency account, which is also the threshold for interest to be paid, of from $1,000¹ (the same amount in euros and pounds; other currencies by agreement). A fee of figure being updated applies to cash deposits and withdrawals on these accounts.

The fee schedule dates from October 2021 and has no line specific to the offshore offering or to international transfers from a foreign-currency account; the fees currently in force should be requested from the bank.

Bank One Limited is a member of the Mauritius Deposit Insurance Scheme, which protects up to figure being updated per depositor and per member institution the deposits of residents of Mauritius, in rupees as well as in foreign currencies. According to the frequently asked questions of the Mauritius Deposit Insurance Corporation, deposits of non-residents are not covered: the offshore clientele targeted by the bank therefore does not benefit from this guarantee.

• Whether the country of residence is eligible, as the offshore offering is geared towards sub-Saharan Africa.
• The minimum entry criteria and the fees in force, which are absent from the public pages.
• The absence of deposit guarantee for a non-resident.
• The reporting obligations of the country of residence for an account held in Mauritius.