Payment intermediary Services (‘PIS’) is related to the processing and execution of payment transactions whereby the consents of merchants/buyers are required for finalising the execution of the payment transactions.
Under S14 of the Financial Services Act 2007 (FSA), the Payment Intermediary Services Licence includes different types including:
• escrow payment service providers
• mobile payment service providers
• e-wallet service providers, amongst others
Holders of a PIS licence issued by the FSC shall conduct business exclusively outside Mauritius. They are typically supported by acquiring and issuing banks in their intermediary roles.
• Minimum stated unimpaired capital for a PIS License set at approx. USD 60,000.
• Must establish and maintain a sound corporate governance framework in line with the National Code of
Corporate Governance in Mauritius and Internal Control systems and procedures
• Officers must meet ‘fit and proper’ criteria
• The Board shall consist of at least 2 resident Directors;
Our professional services to PIS holders:
• Advice and formation of the company
• Application of Licence & liaison with regulator post submission of license application
• Provision of resident directors.
• Opening of bank accounts.
• Subscription to appropriate Professional Indemnity Insurance (PII) policies
• Provision of ongoing services post-approval: Renewal of license, preparation of accounts, and filing with the