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Capital Items

2/2024 Effective from 21/8/2024
3.

A Licensed Payment Token Service Provider’s aggregate regulatory capital shall consist of:

a)Paid-up capital;
b)Reserves, excluding revaluation reserves; and
c)Retained earnings.
4.In addition to the capital requirement, an unconditional irrevocable bank guarantee equal to the full paid-up capital amount in favour of the Central Bank paid upon first demand, shall be submitted to the Central Bank with the application of the License. Such a guarantee must remain in place at all times.
5.Licensee must demonstrate that its regulatory capital and other financial resources are sufficient for implementing its business model in a safe, efficient and sustainable manner, without compromising the interests of Customers.
6.A Licensee must provide adequate details to the Central Bank on the source of funds that will be used to support the proposed business activities.
7.A Licensee must demonstrate that it will be able to maintain sufficient regulatory capital and other financial resources to facilitate an orderly wind-down of its Payment Token business, including a smooth refunding process.