Regulatory Alerts2015-05-14
Guideline on Mobile Banking and Mobile Payment Systems
The Bank of Mauritius issued this guideline to regulate mobile banking and payment services for both bank-led and non-bank-led providers. Providers must secure prior written approval, maintain dedicated trust accounts for stored value, and adhere to stringent security, technology, and KYC standards. The framework mandates end-to-end encryption, distinct airtime and payment accounts, final transaction settlement, and clear procedures for application, cancellation, and customer dispute resolution.
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