A World Bank report says Mauritius provides its citizens with the best access to banking in Africa.

Though the government tightly regulates the sector, the country has the highest density of accounts in Africa at 2,010 per 1,000 adults, according to “Banking for The Poor” report released on Monday.

Malaysia and Singapore took the top two positions followed by Mauritius in the report which assesses banking services in 54 countries across Africa and Asia.

The study compared countries against indices including costs, transparency and complexity. Mauritius' banking sector was judged to be "outstanding.”

The country’s domestic bank assets represent more than 100% of GDP and savings exceed 40% of GDP.

The report said systems for payments, securities trading and settlements are efficient, which explains the low fees of the commercial banks.

Governer of the Central Bank Rundheersing Bheenick said:  "You (World Bank) have recognised that there is a case for close regulation and supervision of the banking sector..If there is one thing that has brought markets tumbling down, it is a lack of supervision in countries which should have known better."