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Financial Services

Enabling Domestic Payment Services Across Mauritius

The Payment Service Provider licence authorises domestic payment processing, e-money issuance, and e-wallet services under the Bank of Mauritius's National Payment Systems Act 2018, serving as the foundational licence for payment platforms operating within the Mauritius market.

Overview

A Licence for Mauritius-Based Payment Platforms

Under the National Payment Systems Act 2018 and its 2021 Authorisation and Licensing Regulations, a PSP licensee may provide domestic payment services, including payment processing, remittances, payment initiation, account information services, and electronic money issuance, under Bank of Mauritius supervision. This authorisation applies to e-wallet operators, domestic payment processors, and system operators running payment, clearing, or settlement infrastructure.

Mauritius's growing digital payments market and its position as a regional financial hub make it a practical base for payment service providers building domestic and Indian Ocean-facing platforms.

Bank of Mauritius
Regulator
PSP licensing sits under the National Payment Systems Act 2018, supervised by the Bank of Mauritius, not the FSC.
5
Licence Categories
General payment services, remittances, payment initiation, account information services, e-money issuance, and system operation.
MUR 1M–50M
Capital by Category
Minimum capital scales with the licence category and the scope of the intended payment activity.

What We Provide

Key Features of the PSP Licence

Domestic Payment Processing
Authorised to process and settle Mauritian Rupee-denominated payment transactions, including payment initiation and account information services.
Electronic Money & E-Wallets
Covers issuance of electronic money and operation of e-wallet services, subject to the regulation's requirement that e-money be issued strictly against funds received.
Remittance Services
Accommodates domestic remittance and money transfer services within the Mauritius payment ecosystem.
System Operator Capability
For larger platforms, covers operation of payment, clearing, or settlement systems, subject to higher capital and governance requirements.

Process

How It Works

01
Payment Model Assessment
Evaluating the proposed payment service category, general payment services, remittances, e-money, account information, or system operation, against the regulation's tiered capital and licensing requirements.
02
Corporate Structure
Establishing the Mauritius corporate structure, including board composition of at least three directors with at least one independent director.
03
BoM PSP Application
Preparing the complete application, including business plan, technology overview, governance structure, and AML/CFT transaction monitoring programme.
04
Technology & Systems Review
Bank of Mauritius review of the platform's processing architecture, security controls, and safeguarding of client funds.
05
AML/CFT Implementation
Designing and implementing an AML/CFT transaction monitoring system calibrated to the business's size, complexity, and risk profile.
06
Licence Grant
Managing the Bank of Mauritius review through to licence grant, followed by operational launch coordination and banking arrangements.

Requirements

Requirements

Regulatory Requirements

  • Minimum capital scaled to licence category: MUR 5 million for general payment services, MUR 3 million for remittances, payment initiation, and small e-money issuers (turnover up to MUR 25 million), MUR 1 million for account information services, and MUR 50 million for system operators
  • At least three board directors, including at least one independent director, for Mauritius-incorporated licensees
  • An AML/CFT transaction monitoring system commensurate with the business's size, complexity, and identified risks
  • Electronic money issued strictly against funds received, with no credit services provided through the e-money function
  • Ongoing reporting to the Bank of Mauritius

Common Questions

Frequently Asked Questions

The licence covers domestic payment services under Bank of Mauritius supervision: payment processing, payment initiation, account information services, remittances, and electronic money issuance including e-wallets. Larger licensees may also operate payment, clearing, or settlement systems. The licence is focused on Mauritius-domiciled, Rupee-denominated payment activity, distinct from the FSC's offshore-focused PIS licence.
Electronic money issued by a PSP licensee must be issued strictly against funds received, in an amount exactly equal to the monetary value offered. The licensee cannot provide credit services through the e-money function or treat client funds as a deposit base.
This depends on the specific licence category: MUR 5 million for general payment services, MUR 3 million for remittances, payment initiation, and small e-money issuers with turnover up to MUR 25 million, MUR 1 million for account information services, and MUR 50 million for system operators. We assess which category fits the intended business.
Not necessarily the same activity. PIS covers cross-border, offshore payment activity under the FSC, while PSP covers domestic, Mauritius-based payment services under the Bank of Mauritius. A business intending to serve both markets may need both licences.
Bank of Mauritius review of PSP applications typically takes longer than FSC review of PIS applications, reflecting the more extensive governance and technology requirements for domestic payment infrastructure. We advise on realistic timelines once the specific licence category and business model are confirmed.

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Launching a Payment Service in Mauritius?

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