Regulatory Alerts2022-01-01
PMA Instructions No. 4 of 2022 Regarding Licensing Fees for Payment Service Companies
The Palestine Monetary Authority issued Instructions No. 4 of 2022 to establish the mandatory licensing fees for payment service companies operating in Palestine. The directive mandates a non-refundable application fee of $1,000, a lump-sum pre-issuance fee of $20,000, and an annual renewal fee of $5,000 calculated pro-rata based on the license issuance date. These fees must be paid upon written notice from the Authority, with annual payments due by January 31st each year, and the instructions take effect immediately upon issuance.
[Logo of the Palestine Monetary Authority] Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Instructions No. (4) of 2022 Regarding Licensing Fees for Payment Service Companies
Pursuant to the provisions of Decision-Law No. (41) of 2022 Concerning National Payments, particularly Articles (12 and 18) thereof, and to the decision of the Board of Directors of the Palestine Monetary Authority in its meeting No. (255) dated 2022/11/02, and in accordance with the powers delegated to us, and in pursuit of the public interest, we have issued the following Instructions:
Article (1) Objective The provisions of these Instructions aim to determine the value and types of licensing fees for payment service companies.
Article (2) Licensing Application Fee The applicant for a new payment service company license must pay a non-refundable application fee of (1,000) one thousand US dollars pursuant to a written notice issued by the Palestine Monetary Authority.
Article (3) Lump-Sum Licensing Fee The payment service company must pay a lump-sum fee of (20,000) twenty thousand US dollars prior to the issuance of the license pursuant to a written notice issued by the Palestine Monetary Authority.
1 www.pma.ps Ramallah and Al-Bireh Governorate - Palestine P.O. Box 452 | Tel: +970 2 2415251 | Fax: +970 2 2415310 | info@pma.ps Gaza - Palestine P.O. Box 4026 | Tel: +970 8 2825713 | Fax: +970 8 2844487
[Logo of the Palestine Monetary Authority] Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Article (4) Annual Licensing Fee The payment service company must pay an annual licensing fee of (5,000) five thousand US dollars pursuant to a written notice issued by the Palestine Monetary Authority, as follows:
- The annual fee shall be paid no later than the thirty-first of January of each year.
- The annual licensing fee for a license granted during the year shall be calculated on a pro-rata basis according to the number of months in the year, starting from the license issuance date, with any fraction of a month considered a full month for fee calculation purposes.
Article (5) Implementation and Enforcement All competent authorities shall implement the provisions of these Instructions according to their respective jurisdictions, and they shall apply from the date of their issuance.
Issued in Ramallah on: 2022/11/16.
Dr. Firas Malham Governor [Signature]