About Change Express


Discover Change Express, the local FX dealer with global reach

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Headquartered in the heart of the capital city of Port Louis, Change Express Ltd (CEL) is one of the leading foreign exchange dealers in the Mauritius territory by delivering top-notch services and offering the best exchange rates.

CEL was founded on 28 June 1999 under the formerly incorporated name of Direct Plus Ltd, which has been changed on 1 June 2005. CEL is a single economic entity given that it does not form part within a company group structure and it is a private company limited by shares. With its current workforce of more than 60 committed employees, CEL enviably demarks itself from other cash dealers by way of key success attributes inter alia vigorous internal controls, modernized IT infrastructure, proven business experience and skilled management team.

By virtue of its Foreign Exchange Dealer licence issued by the Bank of Mauritius, CEL is legitimately authorised to conduct the business of foreign currency exchange and to provide money transfer/ remittance services. It is to be noted that CEL held a Money Changer licence previously and accordingly, its activities was exclusively involved in the sale and purchase of foreign currencies.CEL conducts its business operations within the ambit of all applicable laws and regulations, with statutory provisions predominantly stemming from the Banking Act and the Financial Intelligence and Anti Money Laundering Act.

Since its exception, CEL has experienced rapid expansion, through a combination of organic growth and strategic acquisition and merger, aiming to establish a strong presence in the domestic market. After nearly two decades of currency exchange transactions and with a network of eight branches strategically located at prime locations and main city centres of the country, Change Express is reckoned as a strong and reliable financial services franchise and CEL proudly boasts a significant market share amongst all domestic currency exchange operators.

Over years, CEL had its share of achievements and concurrently faced a myriad of challenges including stiffer rules/ regulations and ramifications of various financial debacles. Yet, CEL has overwhelmingly withstood such external economic shocks by virtue of adaptive reforms and on-going key investments. Thus, CEL has transformed itself into a modern, innovative and resilient financial institution that fulfils all of its statutory obligations confidently. CEL now possesses the necessary know-how, the experience and the decisiveness to address today’s obstacles including volatile foreign exchange market and turbulent business environment and to ensure that it is well positioned to deliver against the demanding operational exigencies.

CEL owes its economic triumph primarily to the recurring fidelity and utter trust of its highly valued clientele, consisting of more than half a million individuals and corporate registered clients. Indeed, customer satisfaction is one of the strongest critical success factors of CEL. With a business model deeply anchored onto a customer centricity approach, CEL wants to get attain customer proximity and extends its premium services to other prospective clients using a marketing strategy that privileges the building of long lasting relationship with its clients on the basis of mutually beneficial dealings.

Despite its initial foundation as a small business with a set-up of only 1 branch and little resources, CEL has never rushed ahead to leapfrog the essential stages of development. Throughout its corporate existence, CEL has consistently and systematically evolved from an unstructured bureau de change boutique and emerged into a well established and matured financial institution. Whilst paving the way of institutional progress, CEL has brought along a number of positive changes characterized by internal ring-fencing of controls and reinvigorates its executive management team, as a result of which CEL now enjoys a stabilized financial performance.

Welcome to Change Express.

Corporate Philosophy

Follow the guiding light and source of energy treading the path to ‘CEL WAY’

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The CEL Way encapsulates the philosophy of CEL, our reason for existence, the aims that we strive to achieve, and the values that we follow in our daily activities. The CEL WAY consists of four core elements namely, Our Vision, Our Mission, Our Values and Our Code of Conduct.

Based on a thorough understanding of its elements, we fully embrace the CEL Way so that our performance naturally reflects its spirit and intent. Especially when faced with difficult decisions, we use the CEL Way to guide our actions. We believe that by carrying out our activities in accordance with the CEL Way, we maximize the value of CEL, promote a unified direction to better serve our customers and business partners, and enhance our contribution to the communities in which we operate and to the society as a whole.

Downloads: Board Charter, Corporate Governance Report, Constitution, Organisation Chart, Statement of Board Accountability

To keep on challenging ourselves for perfection and innovation so as to sustain our leading-edge of consistently serving the varying needs of our stakeholders with a long-lasting positive experience

The constant pursuit of offering best rates and outstanding customer services are in the DNA of CEL. A corporate culture that places great value on the pursuit of new possibilities previously unimagined and brings them to fruition has been the foundation of the CEL’s success since its inception. In an increasingly competitive world, in which the pace of change continues to accelerate, CEL must strive for continuous improvement to its offered services and to create new value for the ultimate betterment of all its stakeholders.

The Board of Directors

Know the persons making the dreams of the business coming true

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Dr Bhimsen

Appointed as from

Independent Director

Chairperson of the Audit & Risk Committee

Mr Shakill Ahmad

Appointed as from

Independent Director

Chairperson of the Corporate Governance Committee

Mrs Yasmanee
Devi Juddoo-Proag

Appointed as from

Independent Director

Chairperson of the Board

Member of the Audit & Risk Committee and the Corporate Governance Committee

Mr Waseem

Appointed as from

Executive Director

Chief Executive Officer of CEL

Mr Thikambaren

Appointed as from

Executive Director

HRD and Admin Executive of CEL


Meet the people driving the business to higher success in unchartered waters

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Mr Thikambaren

HRD and Admin Executive

Mr Waseem

Chief Executive officer

Mr Bhimsen

Deputy CEO

Mr Shanawaz

IT Administrator

Mr Doolesware

Chief Operations Officer

Mr Ajmal

Internal Auditor

Financial reports

Let the accounting figures enviably speak for themselves factually

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In a bid to promote a corporate culture of transparency and accountability, and specifically, in order to any assist any person wishing to have a complete overview, to make an independent review and/ or to undertake a constructive analysis of the Company’s financial health and performance, Management wishes to present within the afore-posted PDF file, with CEL most recent audited accounts, together with the corresponding auditors report.

Download our Financial Report

CSR Programme

Doing business with a heart for a better community tomorrow

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As a corporate citizen with deep roots in Mauritius, CEL has always supported the activities designed to promote the welfare of the community and the creation of a sustainable society. The Company strives to plough back in the community and towards the interest of the society at large, a sum that increases proportionally with the growth of its business. CEL actively engages in initiatives to address social issues to fulfil its social responsibilities.CEL believes that promoting and managing corporate social responsibility (CSR) activities properly is an important factor to maintain and to increase its corporate value.

CEL incorporates CSR into its business activities so that CSR and its business are integrally intertwined in an ongoing synergy that contributes to better business performance. Indeed, CEL carries out CSR activities through open, two-way communication with society and always ensures that it is accountable for, and transparent in, its actions.

In addition, the CSR activities of CEL reflect its philosophy of implementing sound business practices, and innovating to realize services that inspire and excite. In order to help build a more sustainable world, CEL employs its CSR initiatives as a measure of the social impact of its business operations. CEL has always embraced responsibility for the impact of its activities on environment, clients, employees, communities and all other members of the public sphere. Hence, our CSR initiatives focus on the following major activities:

Education and training

CEL has aligned its CSR strategy to assist the Government in effectively implement the Youth Employment Programme in order to facilitate the transition of youth from education to employment and to provide them with the core skills required by different sectors of the economy. Indeed, CEL has provided a number of youth with training with its various departments and after successful completion of their placement; they have been offered the opportunity to be employed on a full time basis.

Similarly, CEL regularly organises Team Building exercises for its staff in order to boost its employee’s morale and motivation, diminish work-related stress, and bolster inter-personal and leadership skills. CEL also motivates its employees to actively participate in its various CSR activities. Not only does CEL provide assistance to the funding of the various social projects but it also gets involved with the actual implementation of them. In so doing CEL believes this contributes to the development of our own people.

Likewise, CEL has, in its mission for socio-economic development, donated IT and Audio visual equipments to a school who is engaged in the combat of illiteracy, by setting its noble aim of fostering quality education to all needy pupils from under-privileged regions.


CEL partners with carefully selected non-governmental organisations (NGOs) working towards building a better future, particularly for the most vulnerable people in our society. Specifically, CEL interacts mostly with NGOs having as object the relief of sickness and disability, particularly for needy children. Many NGOs recognise the work that CEL does in this area, and for many, we are the preferred financial solutions partner. Truly, the support of CEL provides protection against financial burdens, and sufficient funding to ensure the people they’re striving to help are able to be empowered for proper integration into the society and to enjoy the same social justice and development in life.

On a second front, CEL provided a partnering assistance to carry out various mega blood donation campaigns with much success. The importance of blood needs no emphasis in saving lives of people. The need for more donors has become extremely acute nowadays with the increase in the number of patients undergoing surgery, dialysis and chemotherapy. Although voluntary blood donation is an altruistic act, the awareness and educational campaigns of relevant association has played an instrumental role to bring out the inherent motivation amongst potential donors.

Furthermore, the health and safety of CEL’s staff and clients are of overriding importance and all reasonable actions are taken to ensure a sound and healthy working environment. To this end, CEL has implemented effective security measures to deter any case of mishap. Additionally, CEL has contracted a high-quality medical insurance and a group personal accident cover for the welfare of all its employees and all costs are fully borne by its own means.


Since the business activity of CEL is exclusively service-oriented, its operational impact on the environment is quite insignificant. Nevertheless, CEL does bring its contribution to support the country’s ‘Maurice Ile Durable’ concept. In this context, the Company principally uses office and computer equipments and consumables that are environment-friendly. Likewise, the Company embraces the ‘Paperless working’ concept by undertaking a relatively high volume of electronic communication and storage through innovative technology.