Regulatory AlertsMauritius: fintech & payments regulation
RegulatedBank of Mauritius licenses payments; FSC licenses VASPs under VAITOS
- Lead regulator
- Bank of Mauritius
- Also involved
- FSC (VASPs/AML) · Data Protection Office (DPOA)
- Core law
- National Payment Systems Act 2018
- Entry capital
- MUR 5m (Payment Service Provider)
- Approval timeline
- 3-6 months
- Customer assets
- Segregated from business funds
- Data protection
- Data Protection Act 2017 · DPOA
- Sandbox
- Yes - FSC Regulatory Sandbox
Mauritius operates a dual-regime for fintech. The Bank of Mauritius (BoM) regulates payment services, including processing, e-money, and transfers, under the National Payment Systems Act 2018. The Financial Services Commission (FSC) regulates Virtual Asset Service Providers (VASPs) under the Virtual Asset and Initial Token Offering Services Act 2021 (VAITOS). Payment institutions must segregate customer funds and meet capital requirements.
Which licence do you need?
| Your activity | Requirement | Capital | Timeline | Authority |
|---|---|---|---|---|
| Payment processing / gateway | LicencePayment Service Provider[1][2] Requires segregation of customer funds | MUR 5m | 3-6 months | Bank of Mauritius |
| E-money & wallet issuance | LicencePayment Service Provider[1][2] Issuance of electronic money requires BoM license | MUR 5m | 3-6 months | Bank of Mauritius |
| Domestic money transfer | LicencePayment Service Provider[1][2] Domestic transfers fall under PSP framework | MUR 5m | 3-6 months | Bank of Mauritius |
| Cross-border remittance | LicencePayment Service Provider[1][2] Cross-border payments require BoM authorization | MUR 5m | 3-6 months | Bank of Mauritius |
| Agent network | LicencePayment Service Provider[2] Agent networks must be authorized by licensee | MUR 5m | 3-6 months | Bank of Mauritius |
| Open banking / account information | Uncertainverify with regulator No specific open banking framework identified | — | — | — |
| Foreign-exchange services | LicencePayment Service Provider[1][2] FX services included in PSP scope | MUR 5m | 3-6 months | Bank of Mauritius |
New — what changed recently
- 2024-10-23National Payment Systems (Authorisation and Licensing) Amendment Regulations 2024 — Mandated segregation of customer money from business financing and updated financial compliance requirements.
- 2023-10-31Regulatory Sandbox Guidelines — FSC established a sandbox regime for fintech firms to test innovative financial services.[3]
- 2022-01-01Financial Services (Consolidated Licensing and Fees) (Amendment No. 2) Rules 2022 — Introduced standardized fee structure for Virtual Asset Service Providers (VASPs).[4]
Market-entry checklist
- 1Obtain BoM Payment LicenseApply to Bank of Mauritius under NPSA 2018 with MUR 5m capital.
- 2Segregate Customer FundsImplement strict segregation of customer money from operational funds.
- 3Register with FSC for VASPsIf dealing in virtual assets, register with FSC under VAITOS Act 2021.
- 4Comply with AML/CFTAdhere to Financial Intelligence and Anti-Money Laundering Act 2002.
- 5Register with DPOARegister as a data controller/processor with the Data Protection Office.