RegAlertRule · PMA · 16 Nov 2022
Instructions No. 14 of 2022 Regarding Licensing Fees for Payment Service Companies
The Palestine Monetary Authority issued Instructions No. 14 of 2022 to establish and standardize the licensing fee structure for payment service companies operating in Palestine. The directive mandates a non-refundable application fee of $1,000, a one-time pre-licensing fee of $20,000, and an annual renewal fee of $5,000 calculated on a pro-rata basis for licenses issued mid-year. These provisions take immediate effect upon issuance and require all relevant competent authorities to enforce compliance according to their respective jurisdictions.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Instructions No. (14) of 2022
Regarding Licensing Fees for Payment Service Companies
Pursuant to the provisions of Decision-Law No. (41) of 2022 on National Payments, particularly Articles (12 and 18) thereof, and to the decision of the Board of Directors of the Palestine Monetary Authority in its session No. (255) dated 02/11/2022, and in accordance with the powers delegated to us, and in 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)
Application Fee
The applicant for a license for a new payment service company 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
A payment service company must pay a lump-sum fee before the issuance of the license of (20,000) twenty thousand US dollars pursuant to a written notice issued by the Palestine Monetary Authority.
Article (4)
Annual Licensing Fee
A 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 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, with calculation starting from the license issuance date, and any fraction of a month shall be 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: 16/11/2022
Dr. Firas Malham
Governor
Ramallah & Al-Bireh Governorate - Palestine P.O. Box 452 info@pma.ps | Fax: +970 2 2415310 | Tel: +970 2 2415251 Gaza - Palestine P.O. Box 4026 Fax: +970 8 2844487 | Tel: +970 8 2825713 www.pma.ps
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The links and the sentences they come from (2)
- Issued under
“Pursuant to the provisions of Decision-Law No. (41) of 2022 on National Payments, particularly Articles (12 and 18) thereof”
- Resolution No. 255 dated 2022-11-02Not in RegAlert
“and to the decision of the Board of Directors of the Palestine Monetary Authority in its session No. (255) dated 02/11/2022”
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Source: Palestine Monetary Authority — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
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