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Article (6): Initial Capital

C 15/2021 Effective from 6/6/2021
  1. An Applicant shall hold, upon being granted a License by the Central Bank, initial capital as per the below:
     
    1. 1.1. for obtaining a Category I License:
       
      1. 1.1.1. initial capital of at least three (3) million Dirhams where the monthly average value of Payment Transactions amounts to ten (10) million Dirhams or above; or
         
      2. 1.1.2. initial capital of at least one and a half (1.5) million Dirhams where the monthly average value of Payment Transactions amounts to less than ten (10) million Dirhams.
         
    2. 1.2. for obtaining a Category II License:
       
      1. 1.2.1. initial capital of at least two (2) million Dirhams where the monthly average value of Payment Transactions amounts to ten (10) million Dirhams or above; or
         
      2. 1.2.2. initial capital of at least one (1) million Dirhams where the monthly average value of Payment Transactions amounts to less than ten (10) million Dirhams.
         
    3. 1.3. for obtaining a Category III License:
       
      1. 1.3.1. initial capital of at least one (1) million Dirhams where the monthly average value of Payment Transactions amounts to ten (10) million Dirhams or above; or
         
      2. 1.3.2. initial capital of at least five hundred thousand (500,000) Dirhams where the monthly average value of Payment Transactions amounts to less than ten (10) million Dirhams.
         
    4. 1.4. for obtaining a Category IV License: initial capital of at least one hundred thousand (100,000) Dirhams regardless of the monthly average value of Payment Transactions.
       
  2. An Applicant shall provide information to the Central Bank on the source(s) of funds that constitute the initial capital as per paragraph (1).
     

Calculation Method

  1. The monthly average value of Payment Transactions referred to in paragraph (1) shall be calculated on the basis of the moving average of the preceding (3) months or, where such data does not exist at the time of being granted a License by the Central Bank, on the basis of the business plan and financial projections provided.