National Payment Systems (Authorisation and Licensing) Regulations 2021

The National Payment Systems (Authorisation and Licensing) Regulations 2021, issued by the Bank of Mauritius (BoM) under the National Payment Systems Act 2018 and operational from 1 June 2021, provide the detailed authorisation and licensing framework for payment system operators and payment service providers, including electronic money issuers, in Mauritius. They give practical effect to the parent Act by setting out who must be licensed, the categories of payment service provider, application procedures, capital and substance requirements, and ongoing obligations. Scope and applicability: the Regulations apply to prospective and existing operators of payment systems and providers of payment services in or from Mauritius. They identify distinct categories of payment service provider, covering, among others, electronic money issuance, payment initiation services, account information services, money remittance and acquiring/processing, each with its own conditions and minimum capital. Reported capital thresholds range across categories from around MUR 1 million for account information services to about MUR 3 million for remittance and payment initiation services and up to roughly MUR 5 million for most payment services and larger e-money operations. Core obligations: applicants must demonstrate fit-and-proper directors and beneficial owners, adequate minimum capital, local substance, sound governance, risk-management, technology and security arrangements, and AML/CFT controls. Electronic money issuers must safeguard customer funds in a segregated trust account, ensure traceability and reconciliation, and may not extend credit from those funds. The Regulations prescribe reporting and statutory-return formalities, conduct and disclosure duties to customers, and the conditions under which a licence may be varied, suspended or revoked. Supervision and enforcement: the BoM assesses applications, grants licences subject to conditions, and supervises licensees through returns, inspection and audit. It may impose directions and administrative penalties and may revoke a licence for non-compliance, false information or conduct prejudicial to the payment system. The Regulations are the operational companion to the National Payment Systems Act 2018 and underpin the licensing of fintech and e-money businesses in Mauritius.

1. 1Defines categories of payment service provider (e-money issuance, payment initiation, account information, remittance, acquiring/processing)
2. 2Category-calibrated minimum capital (reported range ~MUR 1 million for AIS to ~MUR 5 million for most services/large e-money; ~MUR 3 million for remittance/PIS)
3. 3Fit-and-proper, local substance, governance, risk-management, technology, security and AML/CFT requirements
4. 4E-money issuers must safeguard customer funds in a segregated trust account with traceability and reconciliation; no credit from those funds
5. 5Application procedures, reporting and statutory-return formalities, and customer conduct/disclosure duties
6. 6BoM may condition, vary, suspend or revoke licences and impose administrative penalties