Grant of a licence to provide a payment service

(1) The Central Bank may grant a licence to provide a payment service if the Central Bank is satisfied that the applicant– (a) is a corporate body; (b) has the prescribed paid up capital and capital adequacy requirement; (c) has suitable and sufficient technical and organisational skills to provide a payment service including the proper mechanisms to achieve internal control and risk management as related to the provision of services; (d) has a mechanism to safeguard funds which have been received from consumers of a payment service or through another payment service provider for the execution of payment transactions, by not making them commingled at any time with the funds of third parties and making them insulated against the claims of other creditors of the service provider, in particular in the event of insolvency; 23 (e) has a detailed strategy and business plan supported by realistic estimations in the budget forecast for five years; (f) is a fit and proper person and every officer is a fit and proper person; (g) guarantees liquidity of the settlement of orders accepted by the system and this is protected from credit risk; (h) has sufficiently indicated that the grant of a licence is consistent with the objectives of protecting financial stability and is in the interest of the public; and (i) satisfies any other condition the Central Bank considers necessary. (2) Where the Central Bank after considering– (a) the type of payment service to be provided and the related risks; (b) the average value of payments; and (c) any other relevant factor, prescribes a paid up capital or capital adequacy requirement for the purpose of sub-section 1(b), the Central Bank shall specify in the conditions of the licence the required paid up capital or capital adequacy to be maintained by the licensee as a condition of the licence.