CHAPTER 54 / 55 · Paid
BoM PSP licence.
National Payment Systems Act section 9. Not FSC Payment Intermediary Services.
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.
Bank of Mauritius · BOM-PSP · Payment service provider licence
1. SendHome Ltd’s shop
SendHome Ltd is the desk this chapter is for. Act as a payment service provider.
The first file on the desk is this. SendHome Ltd will remit wages of migrant workers without taking bank deposits. BoM PSP licence / BOM-PSP. Form activity: money remittance.
Three facts have to stay true of that book. First, the letter is the activity specified. This is a payment service provider licence under National Payment Systems Act 2018, Sections 7(b) and 9. A company name is not a permission.
Second, neighbouring papers stay off this desk. Not FSC Payment Intermediary Services (FS-2.9), not a payment-system operator authorisation, and not a VASP wallet class.
Third, the assumptions stay in the file. Fictional PSP. Cut-off 20 September 2026.
National Payment Systems Act 2018, Sections 7(b) and 9. See the register note · Open the published text ↗.
2. A week with A money-remittance PSP
Monday. The promoter walks in with “A money-remittance PSP.” Write the facts before anyone names a code: SendHome Ltd will remit wages of migrant workers without taking bank deposits.
Tuesday. The team writes the activity in the words of the licence letter, not the brass plate. Act as a payment service provider.
Wednesday. They record what this permission is used for. BoM PSP licence / BOM-PSP. Form activity: money remittance.
Thursday. They write what the letter does not cover. Not FS-2.9 as a substitute. Not a bank.
Friday. They lock the assumptions. Fictional PSP. 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 BOM-PSP is used for. The Act matters when SendHome 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 money-remittance PSP
SendHome Ltd will remit wages of migrant workers without taking bank deposits.
Why it fits. BoM PSP licence / BOM-PSP. Form activity: money remittance.
Different paper
The same promoter asks for FSC Payment Intermediary Services (FS-2.9)
The slide says the BOM-PSP 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. Not FS-2.9 as a substitute. Not a bank.
Different paper
The same promoter asks for payment-system operator authorisation
The slide says the BOM-PSP 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. Not FS-2.9 as a substitute. Not a bank.
| The promoter asks SendHome Ltd to… | This licence? | Why |
|---|---|---|
| A money-remittance PSP | Yes | BoM PSP licence / BOM-PSP. Form activity: money remittance. |
| The same promoter asks for FSC Payment Intermediary Services (FS-2.9) | No | Keep the neighbouring paper off this desk. Not FS-2.9 as a substitute. Not a bank. |
| The same promoter asks for payment-system operator authorisation | No | Keep the neighbouring paper off this desk. Not FS-2.9 as a substitute. Not a bank. |
4. Papers that sit beside this one
Not FSC Payment Intermediary Services (FS-2.9), not a payment-system operator authorisation, and not a VASP wallet class. Name the other desk when the work changes: FSC Payment Intermediary Services (FS-2.9); a payment-system operator authorisation; a VASP wallet class.
- FSC Payment Intermediary Services (FS-2.9)
- a payment-system operator authorisation
- a VASP wallet class
Neighbouring codes have their own chapters. Do not import their books into this letter.
5. The letter and the file
An entity other than the Bank (and, for the prohibition, other than a bank) applying on the BoM PSP form. PSP application form: governance, AML/CFT, safeguarding, security and business continuity. Fees as at 1 July 2026: Non-refundable prescribed fee under the NPS Act. Status at cut-off: Teaching category aligned to NPS Act section 9.
Who may hold it. An entity other than the Bank (and, for the prohibition, other than a bank) applying on the BoM PSP form. Existing Bank licensees complete fewer parts of the form.
Published criteria. PSP application form: governance, AML/CFT, safeguarding, security and business continuity. Core systems before operations if payment accounts are offered. Course code BOM-PSP is teaching only.
Rules, codes and circulars. NPS Act directives and guidelines. FSC CL20260107 does not licence a PSP.
6. How to cite BOM-PSP
| Coordinate | As at 20 September 2026 |
|---|---|
| Directory code | BOM-PSP Payment Service Provider |
| Legal nature | Payment service provider licence |
| Enabling law | National Payment Systems Act 2018 · Sections 7(b) and 9 |
| Fees as at 1 July 2026 | Non-refundable prescribed fee under the NPS Act. Not GN 119. |
| Status at cut-off | Teaching category aligned to NPS Act section 9. |
The structured library card keeps the same coordinates for search. Open BOM-PSP in the reference library.
National Payment Systems Act 2018 ↗Register notePayment-system authorisation and PSP licensing ↗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
- Payment-system authorisation and PSP licensing ↗ Authorisation to operate a system; Payment Service Provider licence · Register note
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