Building Compliant Payment Platforms for the Digital Economy

Overview

The payment services regulatory landscape in Mauritius is shaped by two primary regulators: the Bank of Mauritius, which oversees the broader payments system and bank-based payment services under the National Payment Systems Act, and the FSC Mauritius, which licenses payment intermediaries providing services that constitute financial intermediation. Determining which regulator, or combination of regulators, has jurisdiction over a given payment model is the essential first step in any Mauritius payment regulatory strategy.

Correspondent banking access is one of the most significant practical challenges facing payment businesses in Mauritius. Banks are increasingly cautious about correspondent relationships with payment businesses, particularly those serving high-risk geographies or customer segments. Building and maintaining correspondent banking relationships requires careful AML/CFT framework design, transparent ownership structures, and proactive relationship management with correspondent banks.

Cross-border remittance services present particular regulatory complexity, requiring both a Mauritius licence and an understanding of the regulatory requirements in destination markets. Mobile money, increasingly important in the African context, requires careful structuring to navigate the intersection of payment regulation and e-money rules. Aurevya advises on all of these dimensions.

Mauritius is well-positioned as a payment hub for the SADC region, with MACSS (the Mauritius Automated Clearing and Settlement System) providing real-time gross settlement capabilities, and growing integration with regional payment systems. Businesses seeking to use Mauritius as a payment platform for African operations benefit from the jurisdiction's regulatory credibility, treaty network, and banking infrastructure.