Regulatory Alerts2024-12-16
National Payment Systems (Authorisation and Licensing) Regulations 2021
The Bank of Mauritius issued these regulations to establish a comprehensive authorization and licensing framework for payment, clearing, settlement systems, and payment service providers operating in Mauritius. Licensees must satisfy strict eligibility criteria regarding fit and proper directors, financial resources, physical presence, and minimum capital while adhering to prescribed application procedures, annual fees, and governance standards. The central bank retains the authority to grant, suspend, or revoke licenses based on compliance and operational soundness, with specific provisions governing electronic money issuance, trust account management, and customer fund protection.
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