170, Pater House, Psaila street, Birkirkara, BKR 9077, Malta

Payment Institutions Licence Application

Financial Institutions Services

Payment Institutions Licence Application

Initial Requirements for Financial Institution Licensing under the Financial Institutions Act

Pre-Licensing Criteria To apply for a license to operate as a financial institution offering payment services under the Second Schedule to the Financial Institutions Act, certain preliminary conditions must be met:

Adequate Capitalization: The institution must possess sufficient funds to meet the minimum initial share capital and maintain a specified level of own funds as outlined in Financial Institutions Rule 01.

Local Management: At least two individuals must effectively manage the institution from Malta.

Fit and Proper Personnel: All individuals directing or managing the operation must meet the MFSA’s criteria for prudent conduct, integrity, and professionalism.

Disclosure and Monitoring: The applicant and related parties must furnish relevant information to the MFSA for monitoring prudential criteria and safeguarding client interests.

Governance and Controls: The institution must demonstrate sound management practices, robust governance arrangements, and effective internal controls.

Active Participation: The MFSA may require active involvement, either through shareholding or management, by an authorized institution in a reputable jurisdiction.

Documentation Requirements Applications for licensing must include:

  • Memorandum and Articles of Association
  • Audited financial statements (if applicable)
  • Business plan outlining the organizational structure and management systems
  • Identification details of directors, managers, and qualifying shareholders
  • Programme of operations detailing planned activities
  • Proposed initial capital level


Minimum Capital Requirements Financial institutions providing payment services must hold the following initial capital upon authorization:

  • Money Remittance Services: Minimum capital of €20,000
  • Payment Service under paragraph 2(g): Minimum capital of €50,000
  • Payment Services under paragraphs 2(a)-(e): Minimum capital of €125,000


Ongoing Compliance Payment service providers must maintain own funds as per one of the three methods specified in the Financial Institutions Rule.

Application Processing and Fees The application and processing fee payable to the MFSA is €3,500.
Annual Supervision Fee The annual supervision fee, calculated as a percentage of total assets, must not be less than €2,500.

Key Persons

Luca Zahra Brincat

Corporate Lawyer

Ryan Barwari

Corporate Lawyer

Audrey Sapiano

Chief Commercial Officer

Angelo Vella


Grow your business. Solve your problems.

Today is the day to build your business and overcome any issues that are holding your aspirations back. Get in touch with us. Our team will contact you to discuss together your inquiries and provide you with a feedback and optimal solutions.

170, Pater House, Psaila street Birkirkara, BKR 9077, Malta
+356 2757 7000 info@contact.com.mt
Copyright 2024 Contact Advisory Services Ltd.