Payment Intermediary Services License

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.

Key Requirements:

    • •   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
    •     authorities, preparation & filing of tax returns