Payment Services Licence in Mauritius

Q: Can a foreign group apply?

Yes. A body corporate, including a branch, can apply, provided it establishes a principal place of business in Mauritius with adequate staffing and governance.

Q: What capital do I need?

Indicatively, capital can range from MUR 1 million (AIS) to MUR 5 million for most core services/large e-money. Remittance and PIS are commonly referenced at MUR 3 million.

Q: How long does authorisation take?

The Bank of Mauritius indicates a ~30-day completeness check and a ~60 working-day decision window once the application is complete, subject to complexity and responsiveness.

Q: Can I add services later?

Yes. With prior approval, you can amend the licence to include additional payment services.

Q: What about innovation or new models?

You may request a Regulatory Sandbox Authorisation to test innovative fintech propositions before moving to full licensing where appropriate.

Q: Are client funds protected for e-money?

E-money issuers are expected to safeguard customer funds (e.g., segregated trust accounts), perform reconciliation, and provide an auditor’s certificate annually, subject to the regulator’s conditions.

Launch your products from a stable, bilingual hub that bridges Africa, the Indian Ocean, Europe, and Asia. Specifically, Mauritius offers reliable financial infrastructure, skilled payments and compliance talent, strong data-protection expectations, and modern rails that support domestic and cross-border use cases. Moreover, being on-island helps you recruit, operate, and partner credibly while keeping time-to-market sharp and service quality consistent for merchants, platforms, and consumers.

How Renesis helps you go live - fast and right
We turn your concept into an operational reality: scoping your services and target markets, designing a fit-for-purpose operating model, building local presence and governance, and packaging a decision-ready authorisation file. Furthermore, we set up safeguarding arrangements with banks, align technology and cyber controls, and ready your monitoring and reporting so day-two operations run smoothly. From first workshop to live transactions—and ongoing compliance—we're your end-to-end partner.

Book a meeting to learn more

Why choose Mauritius for a Payment Services Licence?

Strong regulatory clarity

The BoM supervises PSP activities under the National Payment Systems Act, building user and partner confidence. This regulatory oversight ensures compliance and stability.

Fit-for-purpose categories

The framework aligns with global best practice (PIS/AIS/e-money). Thus, you can simplify product mapping and streamline multi-market expansion.

Operational resilience

You establish robust governance, AML/CFT monitoring, and technology/cyber controls, ensuring alignment with international expectations. Consequently, you strengthen operational resilience.

Innovation-friendly

You can leverage the Regulatory Sandbox Authorisation (RSA) to test innovative models responsibly. Then, you proceed to full licensing once validation is complete.

What activities can a Payment Services Licence be used for?

Depending on the licence scope granted by BoM, a PSL can cover:

Account operations

cash-in/cash-out on payment accounts.

Payments processing

You process direct debits, standing orders, card-based payments, and credit transfers. Specifically, this applies whether or not a credit line is involved.

Issuing & acquiring

cards or other instruments; merchant acquiring.

Cross-border money remittance.

Open-banking style services

PIS (initiate a payment from a user’s account) and AIS (aggregate account data with consent).

E-money

issue and manage wallets; operate agent networks under BoM conditions (eg, safeguarding funds in trust).

Key features of Payment Intermediary Services Licence in Mauritius

Regulator & Legal Basis

Bank of Mauritius under the National Payment Systems Act 2018 and the National Payment Systems (Authorisation and Licensing) Regulations 2021 (as amended).

Who can apply

Any body corporate (including a local company or branch of a foreign entity). The licensee must maintain a principal place of business in Mauritius with adequate staffing and senior officers.

Governance

Board of at least three natural-person directors (minimum one independent), with BoM fit-and-proper requirements for directors/senior officers.

Minimum stated capital (by service)

Most services: MUR 5 million.
Money remittance: MUR 3 million.
Payment initiation (PIS): MUR 3 million.
Account information (AIS): MUR 1 million.
E-money: MUR 3 million (small issuers) / MUR 5 million (large issuers).

Application & annual fees (illustrative)

Application fee (per service): typically MUR 25,000.
Licence issue/renewal: from MUR 50,000 (eg, remittance, AIS) up to MUR 500,000 (eg, acquiring/issuing or transactions covered by a credit line). Fees are cumulative if you provide multiple services.

Safeguarding (e-money)

Customer funds must be segregated in trust accounts with Mauritian banks; reconciliation and annual auditor certification are required. Cash withdrawals from e-money may be restricted; caps may be specified by BoM.

Timelines & renewal

BoM acknowledges completeness within 30 days and determines a complete application within 60 working days; licences renew annually on fee payment.

Ongoing obligations

AML/CFT monitoring, periodic returns, audited financials, display of licence, and compliance with BoM guidelines (including cyber/technology risk). Breaches can lead to variation, suspension or revocation.

Transition note

Historical Payment Intermediary Services licences (previously issued by the FSC) were sunsetted under the Act; PSPs operate under BoM’s regime.

Licence scope & fees are per-service (and cumulative)

The First Schedule lists each regulated payment service and its application/annual fees (e.g., issuing/acquiring and credit-line transactions carry higher fees). If you offer multiple services, fees add up.

Minimum capital varies by service

Second Schedule sets capital from MUR 1m (AIS) up to MUR 5m for most core services.

Physical presence & staffing

You maintain real management and staff in Mauritius—not just an agent. Importantly, your board must comprise ≥3 directors, with at least one independent, plus AML/CFT transaction-monitoring and risk systems.

Change of control (significant interest)

You must seek BoM approval when acquiring ≥20% (direct/indirect) or exerting significant influence. Importantly, do not change shareholding to create a significant interest without approval.

Display & publication

You display your licence at the principal place of business and branches. Additionally, BoM publishes your licence holder names and activities.

E-money safeguards

You ensure par-value redeemability and maintain segregated trust accounts at Mauritian banks, with daily reconciliation. Furthermore, you manage agent governance and training obligations explicitly.

Revocation/suspension & surrender duties

BoM can act for non-compliance (incl. not starting within 6 months). On suspension/revocation, trust accounts may be frozen and records must be handed over.

Data protection

You ensure your operations comply with the Mauritius Data Protection Act 2017 (GDPR-aligned) when handling personal data.

Reporting & audit

Annual audited financials, periodic returns, and auditor attestations of compliance.

Cyber/technology risk & incident reporting

PSPs must meet BoM’s 2023 Cyber & Technology Risk Guideline (governance, third-party oversight, BCP/DR, penetration tests, and required incident reporting to BoM).

Interoperability via MauCAS

Non-bank PSPs can apply to participate in the national switch for interoperable retail payments.

Timelines you can quote

BoM aims to confirm completeness in 30 days and decide within 60 working days once complete.

Non-transferability

A licence/right isn’t transferable unless the central bank specifically allows it in writing.

FAQs about the Payment Services Licence in Mauritius

Who is the regulator?

The Bank of Mauritius supervises national payment systems and licenses PSPs under the NPS Act.

Can a foreign group apply?

Yes. A body corporate, including a branch, can apply. Importantly, you must establish a principal place of business in Mauritius with adequate staffing and governance.

What capital do I need?

From MUR 1m (AIS) to MUR 5m (most services/large e-money). Remittance and PIS: MUR 3m.

How long does authorisation take?

BoM indicates a 30-day completeness check and a 60 working-day decision window once the application is complete, subject to complexity and responsiveness.

Can I add services later?

Yes. With BoM's prior approval, you can amend your licence to include additional payment services.

What about innovation or new models?

You may request a Regulatory Sandbox Authorisation (RSA) from the BoM to test innovative fintech propositions before full licensing.

Are client funds protected for e-money?

Yes. E-money issuers must maintain segregated trust accounts, ensure reconciliation, and provide an auditor’s certificate annually.

How Renesis Financials can help in applying for a Payment Services Licence in Mauritius

End-to-end licensing & launch

Feasibility & scoping (service mapping to BoM categories).
Entity/branch set-up, local presence, officers and governance build-out.
Full BoM application pack: business plan, policies (AML/CFT, risk, IT/cyber, safeguarding), financial projections, board & senior-management fit-and-proper files.
Safeguarding architecture: trust-account set-up with local banks; reconciliation controls; audit-ready processes.
Technology & cyber readiness aligned to BoM expectations.
Regulatory liaison until decision; support for licence variations to add services.
Post-authorisation compliance: reporting calendar, internal audit, AML monitoring, training, and annual renewal management.