Act 2018 status not recorded
National Payment Systems Act 2018
Issued by Bank of Mauritius
Plain-English summary
Act 17 of 2018, assented to on 29 November 2018. Provides for the oversight and supervision of payment systems, with the Bank of Mauritius as the licensing authority (s. 7). Section 9 deals with licensing of payment service providers and section 45 with e-money issuers and the safeguarding of customer funds.
Who it applies to
Banking · Payments & Fintech
Topics
Payments & Fintech / Digital Assets
Obligations arising from this law or regulation
| Obligation | Timing | Regulator | Source | Detail |
|---|---|---|---|---|
| Payment service provider licensing | — | BOM | source | |
Section 9 of the National Payment Systems Act 2018 deals with the licensing of payment service providers; section 7 gives the Bank the power to grant licences. Banks and licensed payment service providers are also within the scope of the Bank's cyber guideline. |
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| Safeguarding of e-money funds | — | BOM | source | |
Section 45 of the National Payment Systems Act 2018 conditions e-money licences on redemption at par in central bank money (s. 45(1)(h)). Funds received for e-money are not deposits (s. 45(2)) and must be safeguarded either in a trust account held for customers or by insurance or a comparable guarantee from an insurer or bank (s. 45(3)). |
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| No obligations match these filters. | ||||
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