Mauritius plans to launch a trading platform to hedge African currencies against the US dollar, part of a bid to expand its role as a financial hub for the continent, the financial services minister said.

The Indian Ocean island is also in talks to boost ties with stock exchanges in Johannesburg and Nairobi to encourage cross-listing of shares and other areas of cooperation, Sudarshan Bhadain told Reuters in an interview.

The Kenya shilling is down 14 per cent this year, the Tanzania and Uganda currencies are down more than 20 per cent while the Zambian kwacha is down 26 per cent against the US dollar.

The international financial services sector in Mauritius has relied heavily on dealings with India, helped by a double taxation avoidance treaty that made the island the biggest route for foreign investment into India.

Focus on Africa

But that could be hit if talks with India lead to treaty changes, encouraging a shift in focus to Africa where officials see a chance to offer a broader range of financial services and shake off criticism that Mauritius is little more than a "tax haven".

"I do believe that Mauritius cannot remain a tax-centric jurisdiction," the minister said at his office in the island's financial district of Ebene.

"Mauritius has to move to the next level which is bringing real investments which are creating jobs in Mauritius ... and for us to be the platform for Africa for the right reasons."