CHAPTER 24 / 55 · Paid
FS-2.9 Payment Intermediary Services.
An FSC PIS licence is not a Bank of Mauritius Payment Service Provider licence.
Approx. 14 min with exercisesLaw cut-off: 20 September 2026Our approach
By the end of this chapter
- Describe the shop in one paragraph from the first file on the desk.
- Decide the promoter’s next asks: which stay on this letter, which need another paper.
- Keep neighbouring permissions off this desk.
- Cite the enabling section and treat the licence letter as the book.
FSC · FS-2.9 · Licence
1. PayIsle Ltd’s shop
PayIsle Ltd is the desk this chapter is for. Provide payment intermediary services as an FSC specialised financial service.
The first file on the desk is this. PayIsle Ltd will collect card proceeds for hotels and remit net of fees, without operating a payment system and without a BoM PSP letter on the file yet. FS-2.9 is the FSC code. Ask separately whether NPS Act section 9 is engaged.
Three facts have to stay true of that book. First, the letter is the activity specified. This is a licence under Financial Services Act 2007, Section 14. A company name is not a permission.
Second, neighbouring papers stay off this desk. Not a Bank of Mauritius Payment Service Provider licence (NPS Act section 9), not a payment-system operator authorisation, and not a bank.
Third, the assumptions stay in the file. Fictional intermediary. BoM analysis flagged as open. Cut-off 20 September 2026.
Financial Services Act 2007, Section 14. See the register note · Open the published text ↗.
2. A week with A card-acquiring intermediary for hotels
Monday. The promoter walks in with “A card-acquiring intermediary for hotels.” Write the facts before anyone names a code: PayIsle Ltd will collect card proceeds for hotels and remit net of fees, without operating a payment system and without a BoM PSP letter on the file yet.
Tuesday. The team writes the activity in the words of the licence letter, not the brass plate. Provide payment intermediary services as an FSC specialised financial service.
Wednesday. They record what this permission is used for. FS-2.9 is the FSC code. Ask separately whether NPS Act section 9 is engaged.
Thursday. They write what the letter does not cover. An FSC PIS letter is not a BoM PSP licence.
Friday. They lock the assumptions. Fictional intermediary. BoM analysis flagged as open. Cut-off 20 September 2026. The file is ready for the application, not for a slogan on a slide.
The other files on this desk should look like that first one: a named person, a specified activity, and a letter that matches the work. That is what FS-2.9 is used for. The Act matters when PayIsle Ltd applies, when the Commission writes conditions onto the letter, and when the same promoter telephones with a different idea.
3. What the same promoter asks next
The facts are fictional. The method is the course: keep the shop you have just watched, and ask which desk is now doing the work.
This licence
A card-acquiring intermediary for hotels
PayIsle Ltd will collect card proceeds for hotels and remit net of fees, without operating a payment system and without a BoM PSP letter on the file yet.
Why it fits. FS-2.9 is the FSC code. Ask separately whether NPS Act section 9 is engaged.
Different paper
The same promoter asks for Bank of Mauritius Payment Service Provider licence (NPS Act section 9)
The slide says the FS-2.9 letter already covers it because the same company, the same officers or the same client are on the file.
Why it does not. Keep the neighbouring paper off this desk. An FSC PIS letter is not a BoM PSP licence.
Different paper
The same promoter asks for payment-system operator authorisation
The slide says the FS-2.9 letter already covers it because the same company, the same officers or the same client are on the file.
Why it does not. Keep the neighbouring paper off this desk. An FSC PIS letter is not a BoM PSP licence.
| The promoter asks PayIsle Ltd to… | This licence? | Why |
|---|---|---|
| A card-acquiring intermediary for hotels | Yes | FS-2.9 is the FSC code. Ask separately whether NPS Act section 9 is engaged. |
| The same promoter asks for Bank of Mauritius Payment Service Provider licence (NPS Act section 9) | No | Keep the neighbouring paper off this desk. An FSC PIS letter is not a BoM PSP licence. |
| The same promoter asks for payment-system operator authorisation | No | Keep the neighbouring paper off this desk. An FSC PIS letter is not a BoM PSP licence. |
4. Papers that sit beside this one
Not a Bank of Mauritius Payment Service Provider licence (NPS Act section 9), not a payment-system operator authorisation, and not a bank. Name the other desk when the work changes: a Bank of Mauritius Payment Service Provider licence (NPS Act section 9); a payment-system operator authorisation; a bank.
- a Bank of Mauritius Payment Service Provider licence (NPS Act section 9)
- a payment-system operator authorisation
- a bank
Neighbouring codes have their own chapters. Do not import their books into this letter.
5. The letter and the file
An FSC section 14 applicant. Published licensing criteria on the FSC codified list (consolidation as at 1 July 2026) are guidance. Fees as at 1 July 2026: Processing fee Rs 25,000 (USD 1,400). Status at cut-off: Published specialised-financial-services category as at 1 July 2026.
Who may hold it. An FSC section 14 applicant. If the activity is a payment service under the NPS Act, the BoM file is a separate question — do not collapse the two regulators.
Published criteria. Published licensing criteria on the FSC codified list (consolidation as at 1 July 2026) are guidance. They neither derogate from nor restrict the Commission’s statutory powers, and they must be read with the relevant Act, rules, codes and circulars. Directory: dedicated form; criteria same as FS-2.11. Still record this as FS-2.9.
Rules, codes and circulars. CL20260107 for FSC fees. BoM PSP forms and NPS Act sections 7–9 are the other stack.
6. How to cite FS-2.9
| Coordinate | As at 20 September 2026 |
|---|---|
| Directory code | FS-2.9 Payment Intermediary Services |
| Legal nature | Licence |
| Enabling law | Financial Services Act 2007 · Section 14 |
| Fees as at 1 July 2026 | Processing fee Rs 25,000 (USD 1,400). Fixed annual fee Rs 57,000 (USD 2,600). Unless the directory states a different conversion rule, USD figures apply only to an applicant for a Global Business Licence or a corporation holding a Global Business Licence. FSC Circular Letter CL20260107 (1 July 2026) records that the replacement fee schedule operates from 1 July 2026 and that annual fees are due by 30 September 2026. A circular does not rewrite the activity this code authorises. |
| Status at cut-off | Published specialised-financial-services category as at 1 July 2026. Dual-regulator overlap must be checked on the facts, not assumed away. |
The structured library card keeps the same coordinates for search. Open FS-2.9 in the reference library.
FSC codified list of licences, authorisations, approvals, recognitions and registrations ↗Register noteFinancial Services Act 2007 ↗Register noteFSC licensing and fees amendment rules 2026 ↗Register noteFSC Circular Letter CL20260107 — review of fees and renewal of licences ↗Register noteFSC rules and regulations directory ↗Register noteNational Payment Systems Act 2018 ↗Register noteApplication form for a Payment Service Provider licence ↗Register note
PAUSE & REFLECT
Check your understanding.
Three questions to make the ideas stick. Your score is saved on this browser; this is a learning exercise, not a qualification.
Follow the sources.
Each title opens the published text. The register note records the edition used for this course.
- FSC codified list of licences, authorisations, approvals, recognitions and registrations ↗ All published category codes, fees, forms and licensing-criteria columns; consolidation as at 1 July 2026 · Register note
- Financial Services Act 2007 ↗ Sections 2, 14, 14A, 16–18, 25, 33, 71A, 72, 77, 77A, 77B, 77C, 78, 79A; Second Schedule Parts I–III; Fifth Schedule · Register note
- FSC licensing and fees amendment rules 2026 ↗ Rule 3 and replacement First Schedule; rule 4 commencement · Register note
- FSC Circular Letter CL20260107 — review of fees and renewal of licences ↗ 1 July 2026 fee review; annual-fee due date 30 September 2026; FSCOne alternative arrangements · Register note
- FSC rules and regulations directory ↗ Consolidated licensing and fees rules; sector-specific rules including Securities (Licensing) Rules and Family Office Rules · Register note
- National Payment Systems Act 2018 ↗ Sections 7–9: authorisation of operators; licensing of payment service providers · Register note
- Application form for a Payment Service Provider licence ↗ Parts B–E; activities allowed under each payment-service type; AML/CFT and systems items · Register note
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