The Payment Service Provider (PSP) License is one of the most sought types of business permits for financial companies in Seychelles. The PSP business model is quite common in the current business environment to address increasing need of online users and online sellers (or service providers) to do business through internet.

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The Seychelles Payment Services Provider License can be applied through registration of a company in Seychelles. The payment service provider offers businesses the ability to accept payments electronically via credit cards, direct debits, bank transfers, and real-time bank transfers.

 

There is a requirement to register a company first and then apply for the PSP License with the Central Bank of Seychelles under the company name.

 

The PSP should normally have an agreement with an Acquiring Bank for onboarding of the merchants. The Acquiring Bank will normally provide the second gateway.

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Types of Licenses

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There are 2 types of licenses under the Payment Services Provider which are as follows:

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1. Money Remittance License

   • means a service for the transmission of money (or any representation of monetary value), without any payment accounts being created in the name of payer or payee where funds are received for the sole purpose of transferring a corresponding amount to a payee or to another payment service provider.

2. Other Payment Services License

   • services enabling cash deposits and withdrawals

   • execution of payment transactions

   • issuing and/or acquisition of payment instruments

   • any other services functional to the transfer of money. This shall also include the issuance of electronic money and electronic money instruments. The term does not include the provision of solely online or telecommunication services or network access.

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Conditions

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• Minimum unimpaired capital of at least SCR 500,000 (USD 36,200 approx) or its equivalent for a Money Remittance License

• Minimum unimpaired capital of at least SCR 1,000,000 (USD 72,400 approx) or its equivalent for Other Payment Services License

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Requirements

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• Our Company Application Form - to be completed and signed.

• KYC documents on all the parties including passport copy, proof of address, Bank Letter of Reference, CV and other COD documents.

• A Detailed business plan - a template will be provided to client.

• All documents/ manuals/ agreements to be submitted with application.

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