Nikolai Timofejev
15 years in FinTech and payments. Maps your business model to the right licence scope and leads the file all the way to the Bank of Mauritius licence, including banking and payment rails.
Get a payment license in Mauritius.
Mauritius has two regulators for adjacent activities, and the first job on any file is deciding which one you are going to. The Bank of Mauritius licenses payment service providers and e-money issuers under the National Payment Systems Act 2018 and the Authorisation and Licensing Regulations 2021, amended in 2024: MUR 5 million, 3 million or 1 million of capital by class under Regulation 8, and MUR 50 million to operate a payment, clearing or settlement system. The Financial Services Commission licenses payment intermediary services separately, on MUR 2,000,000. Regulation 4 gives the central bank 30 days to confirm the file is complete and 60 working days to decide it. Five payment service providers were on the central bank's list when it was last updated, on 11 September 2025.
27 yrs
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60+
in-house specialistsspecialists
400+
Licenses obtainedlicenses obtained
Updated
Mauritius in brief
Two regulators, one statutory clock, and capital in single-digit millions of rupees.
The National Payment Systems Act 2018 splits the field in two sections. Section 8(1) says no person other than the central bank may operate a payment, clearing or settlement system without an authorisation; section 9(1) says no person other than the central bank or a bank may act as a payment service provider without a licence. Regulation 8 of the Authorisation and Licensing Regulations 2021 lists what is licensable and prices it: MUR 5 million for payment account services, execution of payment transactions, credit-line transactions, issuing and acquiring of payment instruments and the large e-money issuer; MUR 3 million for money remittance, payment initiation and the small e-money issuer; MUR 1 million for account information services; and MUR 50 million to operate a system. Payment aggregators come under a guideline issued in July 2026 and in effect from 31 August 2026, which asks MUR 5 million of initial capital and then the higher of MUR 5 million or 10% of the average trust account balance over the preceding six months. The Financial Services Commission licenses payment intermediary services under its own act, on MUR 2,000,000 of capital.
Being explicit about the split matters, because the scope definition the commission works from is not published in a form we could read, and applying to the wrong regulator costs a year. We settle it before the file is built. After that the process is legible. Regulation 4(3) gives the central bank 30 days to say whether the application is complete and Regulation 4(4) gives it 60 working days from a complete application to determine it. Section 45(3) requires funds received in exchange for e-money to be safeguarded, either in a trust account administered by a trustee solely for customers or under insurance or a comparable guarantee. The 2024 amendment tightened Regulation 11: customer money and any interest on it cannot finance any activity or business, an auditor certifies annually that the trust funds equal the sum of all e-money balances, no cash withdrawal services are allowed, and the licensee undertakes to observe any cap the central bank sets on personal wallets. Five providers were licensed at 11 September 2025, three of them e-money issuers, and no system operator was on the list. MauCAS routes cards, mobile and QR payments; MACSS is the RTGS. Tax is 15%, with 3% on the export of goods and no withholding on dividends. We run the file from Madeira and plan on six to nine months.
Two regulators license adjacent activities. The Bank of Mauritius licenses payment service providers and e-money issuers under the NPS Act 2018 and the 2021 Regulations as amended in 2024: MUR 5 million, 3 million or 1 million by class under Regulation 8, and MUR 50 million to operate a system. The Financial Services Commission licenses payment intermediary services at MUR 2,000,000.
Regulation 4 gives 30 days for the completeness check and 60 working days to decide. Customer money sits in a trust account with Mauritian banks, reconciled to the e-money balances; the 2024 amendment barred cash withdrawal services and added an annual auditor's certificate. Five licensees at 11 September 2025. MauCAS is the switch. Tax 15%.
The routes
The central bank licence, or the commission's payment intermediary licence.
Two regulators license adjacent activities in Mauritius, on different statutes and different capital. Which one your model belongs to is the first question we answer, and it is answered in writing before anything is drafted.
The Bank of Mauritius licence, or the commission's payment intermediary licence - settled first.
01 - BANK OF MAURITIUS LICENCE
Payment service provider and e-money issuer
The licence under section 9(1) of the National Payment Systems Act 2018 for the services listed in Regulation 8 - payment accounts, execution of transactions, credit-line transactions, issuing and acquiring instruments, money remittance, payment initiation, account information and the issuance of electronic money as a small or large issuer.
The licence under section 9(1) of the National Payment Systems Act 2018 for the services listed in Regulation 8 - payment accounts, execution of transactions, credit-line transactions, issuing and acquiring instruments, money remittance, payment initiation, account information and the issuance of electronic money as a small or large issuer.
- ✓Capital MUR 5,000,000, 3,000,000 or 1,000,000 by class (Regulation 8)
- ✓MUR 50,000,000 to operate a payment, clearing or settlement system
- ✓Completeness in 30 days, decision in 60 working days (Regulation 4)
- ✓Trust account with banks in Mauritius, reconciled to the e-money balances
- ✓E-money never expires; redeemed at par in central bank money on request
- ✓Agents by written agency agreement under section 20(1)
02 - FSC PAYMENT INTERMEDIARY
FSC - MUR 2,000,000Payment intermediary services licence
The Financial Services Commission licenses payment intermediary services under section 14 of the Financial Services Act 2007, on minimum capital raised to MUR 2,000,000 with effect from October 2018. It is a separate regulator, a separate application and a separate supervisory relationship.
FSC payment intermediary services: MUR 2,000,000 minimum capital under section 14 of the Financial Services Act 2007, a separate application and supervisor.
- ✓Minimum capital MUR 2,000,000 or its equivalent in another currency
- ✓Licensed under section 14 of the Financial Services Act 2007
- ✓A different application, supervisor and reporting cycle from the central bank
- ✓The scope definition is not published in a form we could read
- ✓Which regulator your model belongs to is settled before the file is built
- ✓Groups running both activities plan the two applications in sequence
Costs and timelines are confirmed for your case before any work begins. The regulator split, the trust account arrangements, the aggregator capital test from 31 August 2026 and substance are itemised in your quote.
Why Mauritius
A statutory clock, low capital and a 15% tax rate.
Mauritius has 1,240,316 residents and a financial centre built for the traffic between Africa and Asia. The payments regime is young, the register is five names long, and the decision period is written into the regulations.
✓
A clock in the regulations
Thirty days to confirm the application is complete under Regulation 4(3), then 60 working days from that complete application to determine it under Regulation 4(4).30 days plus 60 working days.
✓
Capital in single-digit millions
MUR 5 million, 3 million or 1 million by class, and MUR 50 million only if you operate a payment, clearing or settlement system yourself.MUR 1M to 5M by class.
✓
Fifteen per cent, and no dividend withholding
Corporate tax is 15%, the export of goods is taxed at 3%, and dividends do not appear among the payments subject to tax deduction at source.No withholding on dividends.
✓
Five licensees on the list
The central bank's list of licensees, updated 11 September 2025, carries five payment service providers, three of them e-money issuers. No system operator is on it.A short, readable register.
✓
MauCAS
The Mauritius Central Automated Switch is owned and run by the central bank and routes card, mobile and QR payments between operators around the clock; MACSS settles.Central bank switch for cards and QR.
✓
A trust account with teeth
The 2024 amendment barred customer money from financing any business, added an annual auditor's certificate against the e-money balances, and ruled out cash withdrawal services.Tightened by the 2024 amendment.
How it compares
How Mauritius differs from the mainland African routes.
Mauritius asks the lowest capital of the four, taxes at 15% and prints a decision clock. What it also has is a second regulator you can apply to by mistake. The honest comparison is below.
Mauritius vs other jurisdictions
| Feature |  Mauritius | Other jurisdictions |
|---|---|---|
| Capital | MUR 1M-5M · system operator MUR 50M | KES 5M-50M Kenya · GHS 0.8M-20M Ghana |
| Decision clock | 30 days completeness + 60 working days | None in Kenya or Rwanda · 90 days Ghana |
| Regulators | Two: central bank and the FSC | One in Kenya, Ghana and Rwanda |
| Corporate tax | 15% · no dividend withholding | 30% Kenya · 25% Ghana · 28% Rwanda |
Capital
MauritiusMUR 1M-5M · system operator MUR 50M
Other jurisdictionsKES 5M-50M Kenya · GHS 0.8M-20M Ghana
Decision clock
Mauritius30 days completeness + 60 working days
Other jurisdictionsNone in Kenya or Rwanda · 90 days Ghana
Regulators
MauritiusTwo: central bank and the FSC
Other jurisdictionsOne in Kenya, Ghana and Rwanda
Corporate tax
Mauritius15% · no dividend withholding
Other jurisdictions30% Kenya · 25% Ghana · 28% Rwanda
Country by country
| Country | License type | Taxation | Requirements |
|---|---|---|---|
| Mauritius | PSP · e-money (BoM) · FSC PIS | 15% · no dividend WHT | MUR 1M-50M · 60 working days |
 Kenya | PSP · e-money issuer (CBK) | 30% · VAT 16% | KES 5M / 20M / 50M · no clock |
 Rwanda | Categories I-IV (BNR) | 28% · VAT 18% | FRW 30M-300M · fee FRW 1M-5M |
 Ghana | DEMI · PSP tiers (Bank of Ghana) | 25% · VAT 15% + levies | GHS 0.8M-20M · 90 days |
MauritiusLicense typePSP · e-money (BoM) · FSC PIS
Taxation15% · no dividend WHT
RequirementsMUR 1M-50M · 60 working days
KenyaLicense typePSP · e-money issuer (CBK)
Taxation30% · VAT 16%
RequirementsKES 5M / 20M / 50M · no clock
RwandaLicense typeCategories I-IV (BNR)
Taxation28% · VAT 18%
RequirementsFRW 30M-300M · fee FRW 1M-5M
GhanaLicense typeDEMI · PSP tiers (Bank of Ghana)
Taxation25% · VAT 15% + levies
RequirementsGHS 0.8M-20M · 90 days
Before you apply
Requirements for the Mauritian licence.Requirements for the licence.
The Act sets the licensing duty and the safeguarding principle; the 2021 Regulations, as amended in 2024, set the capital, the clock and the trust account. The list below is what a passing file contains.
01
A decision, taken and recorded before drafting starts, on whether the model belongs to the Bank of Mauritius under the National Payment Systems Act or to the Financial Services Commission under its payment intermediary services licence.
02
A licensee with its principal place of business in Mauritius, understood as management and staff on the island rather than a registered address.
03
A board of at least three natural persons including an independent director, with directors and senior officers passing the fit-and-proper test of Regulation 4(6).
04
Capital at the Regulation 8 figure for the class applied for - MUR 5,000,000, 3,000,000 or 1,000,000 - or MUR 50,000,000 to operate a payment, clearing or settlement system.
05
A trust account with one or more banks in Mauritius, separate from the licensee's own accounts and reconciled so that the balance always equals the total outstanding balance of all electronic money holders, or insurance or a comparable guarantee under section 45(3).
06
The 2024 clauses written into the arrangements: no customer money or interest on it used to finance any activity or business, an annual auditor's certificate, no cash withdrawal services, and an undertaking to observe any wallet cap the central bank specifies.
07
A product built on the section 45 rules: electronic money never expires, and it is redeemed at par in central bank money on the holder's request.
08
Audited accounts under IFRS with an annual auditor's compliance certificate, plus AML and counter-terrorist-financing policies, data protection, a security risk assessment and a business continuity plan inside the application.
09
Agency agreements under section 20(1) covering AML and counter-terrorist-financing compliance, consumer protection mechanisms and anything else the central bank prescribes.
10
For a payment aggregator, the guideline in effect from 31 August 2026: MUR 5,000,000 of initial capital and then the higher of MUR 5,000,000 or 10% of the average trust account balance over the preceding six months, with merchant funds held in a trust account at a commercial bank.
01
Regulator settled: central bank or FSC, in writing.
02
Principal place of business in Mauritius, staff included.
03
Board of three with an independent director; fit and proper.
04
Capital MUR 5M / 3M / 1M, or MUR 50M for a system operator.
05
Trust account with Mauritian banks, reconciled to balances.
06
2024 clauses: no financing, auditor's certificate, no cash out.
07
E-money never expires; redeemed at par on request.
08
IFRS accounts, AML, data protection, security, continuity.
09
Agency agreements under section 20(1).
10
Aggregators: MUR 5M or 10% of the average trust balance.
Reflects the National Payment Systems Act 2018, the Authorisation and Licensing Regulations 2021 and the 2024 amendment, the Guideline for Payment Aggregators effective 31 August 2026, and the Financial Services Commission's payment intermediary services circular, as of 2026.NPS Act 2018; Authorisation and Licensing Regulations 2021 and the 2024 amendment; aggregator guideline effective 31 August 2026; FSC circular.
How it works
From first call to the Mauritian licence.
01
Regulator and route
Bank of Mauritius or Financial Services Commission, and which Regulation 8 class; capital and budget fixed in writing.BoM or FSC, and the Regulation 8 class.
02
Company and capital
Mauritian company with its principal place of business on the island, board of three with an independent director, capital paid to the class figure.Formed on the island, capital paid.
03
The application file
Business plan, fit-and-proper documentation, trust account arrangements, AML, data protection, security assessment and continuity plan.Plan, trust, AML, security, continuity.
04
Review
Thirty days for the completeness notification, then 60 working days to determine the application. Plan on six to nine months end to end.30 days + 60 working days; 6-9 months.
05
Licence and launch
Licence issued, trust account funded and reconciled, agency agreements signed, MauCAS connectivity live and the auditor's certificate calendared.Trust funded, agents signed, MauCAS live.
Quick facts
RegulatorsBank of Mauritius · Financial Services Commission
LawNPS Act 2018 · Regulations 2021 and 2024
LicencePSP · e-money issuer · system operator
CapitalMUR 5M / 3M / 1M · operator MUR 50M
FSC routePayment intermediary services MUR 2,000,000
Client fundsTrust account with banks in Mauritius
Decision30 days completeness + 60 working days
Corporate tax15% · VAT 15%
The 60 working days start only once the central bank has told you the file is complete, which is what the first 30 days are for. Getting past that notification at the first attempt is most of the work.
Your Mauritius desk
Run from our Indian Ocean desk.
Prifinance - Indian Ocean desk
Madeira · coordinating Mauritian mandates
Rua da Alegria 31, 1F, Madeira
01
The regulator question first
A written view on whether the model is a Bank of Mauritius licence or a Financial Services Commission payment intermediary licence, before a single form is filled in.Central bank or FSC, answered in writing.
02
Mauritian company formation
A company with its principal place of business on the island, a board of three including an independent director, and capital at the Regulation 8 figure.Principal place of business, board of three.
03
The application file
Business plan, governance, AML, data protection, security risk assessment and continuity plan built for the 30-day completeness check rather than after it.Built for the 30-day completeness check.
04
Trust account and rails
The trust account opened with a Mauritian bank, the auditor's annual certificate arranged, and MauCAS connectivity planned with the licence.Mauritian bank, auditor, MauCAS.
We also have offices in
Tallinn
Estonia
Roseni 13
Vilnius
Lithuania
Gedimino pr. 2
Prague
Czech Republic
Vlkova 532/8, Žižkov
London
United Kingdom
7 Bell Yard
Dubai
UAE
33 Level, Al Saqr Business Tower
Budapest
Hungary
Korányi Sándor u. 4
Istanbul
Turkey
Perpa Ticaret Merkezi, A Blok
Good to know
Taxation of payment companies in Mauritius.
A 15% corporate rate, 3% on the export of goods, 15% VAT above a Rs 3 million turnover threshold, and no withholding on dividends.
Corporate tax 15%
The standard rate on profit. Export of goods has been taxed at 3% since July 2017, which matters where a licensee sits inside a wider group trading through Mauritius.3% on the export of goods.
Partial exemption
The partial exemption regime removes 80% or 95% of qualifying income from charge, including foreign dividends, certain interest and specified financial-services activities.80% or 95% of qualifying income.
VAT 15%
Registration is compulsory where annual turnover of taxable supplies exceeds or is likely to exceed Rs 3 million. Which parts of a payment product are taxable is mapped before pricing.Registration above Rs 3 million.
No dividend withholding
Dividends do not appear among the payments subject to tax deduction at source, so profit distributions to a foreign parent leave without a Mauritian withholding charge.No withholding at source.
Tax deduction at source
Deduction at source applies elsewhere: 15% on interest paid by non-bank payers, 10% or 15% on royalties, 5% or 10% on management fees and 10% on services by non-residents.Interest 15%, royalties 10-15%.
Payroll and treaties
Salaries for the management and staff the licence assumes are priced into the operating budget, and the island's treaty network is applied to outbound flows before profits move.Applied before profits move.
Tax summary
Corporate tax15%
Export of goods3%
Partial exemption80% or 95% of qualifying income
VAT15% · registration above Rs 3 million
Dividend withholdingNone
Tax deduction at sourceInterest 15% · royalties 10-15% · services 10%
*Figures as of 2026 per the Mauritius Revenue Authority. Treaty and regime positions are assessed per structure.
Turnkey professional support
Experienced lawyers and international consultants.
We provide end-to-end support, from company registration and the application file to regulatory interaction and compliance oversight - with an individualized approach to each client.
Oleksii Kindratenko
Builds the application itself: Mauritian company, AML/KYC policy pack, capital structure and tax registrations. His document sets are the reason reviews finish in months, not years.
Eugeniu Bevziuc
First point of contact for international founders. Runs the whole setup remotely, across time zones and languages - from the first call to a live, licensed provider.
Follow Prifinance
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The Mauritian payment licence, answered.
Which regulator licenses payments in Mauritius?+
Both of them, for different things. The Bank of Mauritius licenses payment service providers and e-money issuers under the National Payment Systems Act 2018 and authorises payment, clearing and settlement systems. The Financial Services Commission licenses payment intermediary services under section 14 of the Financial Services Act 2007. We settle which applies before the file is built.
How much capital is required?+
Regulation 8: MUR 5 million for payment account services, execution of transactions, credit-line transactions, issuing and acquiring instruments and the large e-money issuer; MUR 3 million for money remittance, payment initiation and the small e-money issuer; MUR 1 million for account information services; MUR 50 million to operate a system. The commission's payment intermediary licence asks MUR 2,000,000.
How long does the central bank take?+
Regulation 4(3) gives it 30 days to notify whether the application is complete, and Regulation 4(4) gives it 60 working days from a complete application to determine it. From first call to licence, plan on six to nine months.
How is customer money protected?+
Section 45(3) requires funds received for e-money to be placed in a trust account administered by a trustee solely for customers, or covered by insurance or a comparable guarantee. Regulation 11 puts that trust account with banks in Mauritius and requires reconciliation to the total outstanding e-money balances.
What did the 2024 amendment change?+
It added four things to Regulation 11: customer money and interest on it may not finance any activity or business; an auditor certifies annually that trust funds equal the sum of all e-money balances; cash withdrawal services are not allowed; and the licensee undertakes to observe any cap the central bank sets on personal wallet balances.
Is there a wallet cap?+
The regulations let the central bank specify one and require licensees to undertake to comply with it, but the amount itself is not published. We confirm the current position with the central bank for your product before the build starts.
What are the rules for payment aggregators?+
A guideline issued in July 2026 and in effect from 31 August 2026 asks for MUR 5 million of initial capital, then a minimum paid-up capital of MUR 5 million or 10% of the average trust account balance over the preceding six months, whichever is higher. Merchant funds sit in a trust account with commercial banks.
How large is the licensed market?+
The central bank's list of licensees, updated 11 September 2025, carries five payment service providers, three of which issue electronic money. No authorised payment, clearing or settlement system operator appears on it.
How are payment companies taxed?+
Corporate tax at 15%, with 3% on the export of goods and a partial exemption regime that removes 80% or 95% of qualifying income. VAT is 15% above a Rs 3 million turnover threshold, and dividends carry no withholding.
Why Mauritius rather than Kenya or Ghana?+
Mauritius asks the least capital of the three, prints a decision clock and taxes at 15% with no dividend withholding. Kenya has a domestic market of 47 million and the deepest mobile money on the continent; Ghana has 26.7 million active wallet customers and a published capital table. Mauritius is the choice for a regional treasury or a cross-border product rather than for a local retail wallet.
Which regulator?+
Bank of Mauritius, or the FSC for payment intermediary services.
Capital?+
MUR 5M / 3M / 1M; system operator MUR 50M; FSC MUR 2M.
How long?+
30 days completeness, 60 working days to decide.
Client money?+
Trust account with Mauritian banks, reconciled.
2024 changes?+
No financing from customer money; no cash withdrawals.
Wallet cap?+
The central bank may set one; the amount is unpublished.
Aggregators?+
MUR 5M or 10% of the average trust balance, from 31 August 2026.
Market size?+
Five licensed providers at 11 September 2025.
Taxes?+
15% CIT, VAT 15%, no dividend withholding.
vs Kenya / Ghana?+
Lowest capital and a clock; much smaller home market.
Client notes
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Founders who wanted it done right.
Google4.7★★★★★
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Prifinance is an independent law and advisory firm. We are not a regulator and are not affiliated with, endorsed by, or acting on behalf of the Bank of Mauritius or any other public authority. Authorisations are granted by, and obtained directly from, the competent authorities.