As global fintech innovation accelerates, Mauritius has emerged as an attractive destination for setting up regulated payment businesses. At Zitadelle AG, we specialize in navigating the complex licensing landscape to help companies secure the right license—either a Payment Intermediary Services (PIS) license issued by the Financial Services Commission (FSC) or a Payment Service Provider (PSP) license issued by the Bank of Mauritius (BoM).

But which license is right for your business?

Below, we compare the two regulatory frameworks, highlighting key differences in scope, staffing, capital, and timelines.

1. Regulatory Authorities and License Focus

• PIS License (FSC Mauritius)
  The PIS license is issued by the Financial Services Commission (FSC) and is generally focused on card payments. However, in some cases, wallet and account-based services have also been approved under this license.

  ✅ Example: EziPay Global and Magma.mu – These companies were authorized to offer both card services and wallet/account functionalities under the PIS framework.

  ⚠️ Please note: Approval for wallet and account services is not guaranteed. In some instances, FSC has limited applicants strictly to card-based solutions.

• PSP License (BoM Mauritius)
  The PSP license is governed by the Bank of Mauritius and falls under strict banking regulations. It is primarily intended for companies targeting the domestic market, with offshore operations considered a secondary focus.

  ✅ Notable licensee: ZwennPay (EZ Dash)
  🔒 However, their license is restricted to selected jurisdictions: Mauritius, France, India, Madagascar, Cuba, Kenya, Zambia, and Ethiopia.

2. Key Differences Between PIS and PSP Licenses

a) Staffing Requirements

• PIS License (FSC):
  Typically requires two employees – a Compliance Officer and an either an AML officer, or a CTO/CISO officer. In some cases, full outsourcing of these roles is permitted.

• PSP License (BoM):
  Requires a local team of 4 to 7 employees, including:

  • Director(s)

  • Compliance Officer

  • AML Officer

  • Deputy AML Officer

  • Chief Information Security Officer (CISO)

b) Application Processing Time

• PIS License:
  Generally faster, with approvals taking approximately 6–9 months depending on the scope.

• PSP License:
  Subject to longer timelines due to stricter due diligence and regulatory scrutiny. Expect 12–18 months for approval.

c) Capital Requirements

• PIS License:
  Typically more flexible, with lower capital thresholds. Exact amounts depend on the services proposed, yet usually is MUR 2 000 000 (USD 45,000)

• PSP License:
  Higher capital requirements, ranging from MUR 5 million to MUR 50 million, depending on services.

d) Business Model Orientation

• PIS License:
  Often suitable for offshore-focused businesses offering card or digital wallet services internationally.

• PSP License:
  Primarily intended for local operations. Most clients and transactions should originate from Mauritius.

3. Strategic Recommendation from Zitadelle AG

For startups or scaleups looking to launch quickly, minimize cost, and explore cross-border digital payments, the PIS license is often the better initial choice. With our strong track record—including direct experience with projects like EziPay and Magma—we can assess whether your business model qualifies for wallet and account services under the PIS framework.

If later expansion requires a full PSP license, we can support your company in gradually transitioning to a Central Bank license with a locally established team.

Ready to Launch Your Licensed Payment Business in Mauritius?

Contact Zitadelle AG today for a free consultation on the PIS or PSP license pathway.

🔗 www.zitadelleag.com
📧 info@zitadelleag.com
📍 Offices in Mauritius, Cyprus & Malaysia