Payment Service Provider — Mauritius

“For a payment service provider to provide the following payment service — (a) services enabling cash to be placed on a payment account, including all operations required for operating a payment account 5 million; (b) services enabling cash withdrawal from a payment account 5 million; (c) execution of payment transactions 5 million; (d) execution of payment transactions where the funds are covered by a credit line for a payment service user 5 million; (e) issue of payment instruments and/or acquiring of payment transactions 5 million; (f) money remittance 3 million; (g) payment initiation services 3 million; (h) account information services 1 million; (i) any other services functional to the transfer of money, including the issuance of electronic money (i) small e-money issuer 3 million (ii) large e-money issuer 5 million. For an operator of a payment system, clearing system or settlement system 50 million … a licensee shall, after deducting its accumulated losses, maintain at all times in Mauritius — (a) the appropriate minimum capital specified in the Second Schedule”

“A licensee shall have a principal place of business in Mauritius and its staffing requirement and estimated operating costs shall be commensurate with the size and complexity of its business. … \"physical presence\" — (a) means the management and staff located in the country in which the licensee is incorporated and licensed; but (b) does not include the presence, in Mauritius, of a local agent or staff below management level”

“The central bank shall, within 30 days from the receipt of an application under paragraph (1) — (a) notify the applicant, in writing, of whether the application is complete or not … The central bank shall, within 60 working days from receipt of a complete application or the submission of any supplementary information and documents required by the central bank, determine an application and give written notice thereof to the applicant.”

“(a) services enabling cash to be placed on a payment account 25,000 / 100,000; (b) services enabling cash withdrawal from a payment account 25,000 / 100,000; (c) execution of payment transactions 25,000 / 100,000; (d) execution of payment transactions where the funds are covered by a credit line 25,000 / 500,000; (e) issue of payment instruments and/or acquiring of payment transactions 25,000 / 500,000 … A licensee shall pay the appropriate fee specified in the First Schedule on 1 July of every year and the authorisation or licence shall, on payment of the appropriate fee, be deemed to have been automatically renewed”

“A licensee shall have an adequate number of suitably qualified full-time officers, including a chief executive officer and other senior officers, and shall have in place — (a) an anti-money laundering and combatting the financing of terrorism and proliferation transaction monitoring system … A licensee shall not, without the written approval of the central bank, cause or permit any change in its shareholding structure which may, directly or indirectly, cause any shareholder or other person to acquire a significant interest in the licensee.”