CHAPTER 55 / 55 · Paid
Authorisation to operate a payment system.
National Payment Systems Act section 8. Not a PSP licence.
Approx. 12 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-SYSTEM · Authorisation to operate a payment system
1. IsleSwitch Ltd’s shop
IsleSwitch Ltd is the desk this chapter is for. Operate a payment system, clearing system or settlement system (other than the central bank) only with authorisation.
The first file on the desk is this. IsleSwitch Ltd will operate a switch among banks and PSPs for instant rupee payments. Section 8 authorisation / BOM-SYSTEM.
Three facts have to stay true of that book. First, the letter is the activity specified. This is a authorisation to operate a payment system under National Payment Systems Act 2018, Sections 7(a) and 8. A company name is not a permission.
Second, neighbouring papers stay off this desk. Not BOM-PSP, not SEC-1.2 securities clearing, and not FS-2.9.
Third, the assumptions stay in the file. Fictional operator. Not CDS. Cut-off 20 September 2026.
National Payment Systems Act 2018, Sections 7(a) and 8. See the register note · Open the published text ↗.
2. A week with A retail payment switch
Monday. The promoter walks in with “A retail payment switch.” Write the facts before anyone names a code: IsleSwitch Ltd will operate a switch among banks and PSPs for instant rupee payments.
Tuesday. The team writes the activity in the words of the licence letter, not the brass plate. Operate a payment system, clearing system or settlement system (other than the central bank) only with authorisation.
Wednesday. They record what this permission is used for. Section 8 authorisation / BOM-SYSTEM.
Thursday. They write what the letter does not cover. Not a PSP licence for IsleSwitch’s participants. Not SEC-1.2.
Friday. They lock the assumptions. Fictional operator. Not CDS. 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-SYSTEM is used for. The Act matters when IsleSwitch 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 retail payment switch
IsleSwitch Ltd will operate a switch among banks and PSPs for instant rupee payments.
Why it fits. Section 8 authorisation / BOM-SYSTEM.
Different paper
The same promoter asks for BOM-PSP
The slide says the BOM-SYSTEM 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 a PSP licence for IsleSwitch’s participants. Not SEC-1.2.
Different paper
The same promoter asks for SEC-1.2 securities clearing
The slide says the BOM-SYSTEM 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 a PSP licence for IsleSwitch’s participants. Not SEC-1.2.
| The promoter asks IsleSwitch Ltd to… | This licence? | Why |
|---|---|---|
| A retail payment switch | Yes | Section 8 authorisation / BOM-SYSTEM. |
| The same promoter asks for BOM-PSP | No | Keep the neighbouring paper off this desk. Not a PSP licence for IsleSwitch’s participants. Not SEC-1.2. |
| The same promoter asks for SEC-1.2 securities clearing | No | Keep the neighbouring paper off this desk. Not a PSP licence for IsleSwitch’s participants. Not SEC-1.2. |
4. Papers that sit beside this one
Not BOM-PSP, not SEC-1.2 securities clearing, and not FS-2.9. Name the other desk when the work changes: BOM-PSP; SEC-1.2 securities clearing; FS-2.9.
Neighbouring codes have their own chapters. Do not import their books into this letter.
5. The letter and the file
The operator. This is a course teaching category, not an official Bank of Mauritius licence code. Fees as at 1 July 2026: Prescribed non-refundable fee under section 8. Status at cut-off: Teaching category aligned to NPS Act section 8.
Who may hold it. The operator. Participants and PSPs have their own permissions.
Published criteria. This is a course teaching category, not an official Bank of Mauritius licence code. Read the actual licence letter and the Banking Act or National Payment Systems Act provision that applies. NPS Act section 8 application in the form and manner, with prescribed fee, that the Bank determines. Terms and conditions are specified in the authorisation.
Rules, codes and circulars. NPS Act directives. Securities clearing remains the Securities Act for SEM/CDS (carve-out noted).
6. How to cite BOM-SYSTEM
| Coordinate | As at 20 September 2026 |
|---|---|
| Directory code | BOM-SYSTEM Payment-system operator authorisation |
| Legal nature | Authorisation to operate a payment system |
| Enabling law | National Payment Systems Act 2018 · Sections 7(a) and 8 |
| Fees as at 1 July 2026 | Prescribed non-refundable fee under section 8. Not GN 119. |
| Status at cut-off | Teaching category aligned to NPS Act section 8. |
The structured library card keeps the same coordinates for search. Open BOM-SYSTEM 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
- Payment-system authorisation and PSP licensing ↗ Authorisation to operate a system; Payment Service Provider licence · Register note
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