Trading Name: Mamo Pay
Name
Mamo Limited
Legal Status:
DIFC Company
DFSA Reference Number:
F005922
Address
Unit GA-00-SZ-L1-RT-196, Level 1, Gate Avenue - South Zone, DIFC, Dubai, UAE
Telephone Number
Date of Licence
03-Jun-2021
Endorsements
Carrying on authorised Financial Services with or for Retail Clients Holding or Controlling Client Assets
Financial Service
Investments
Providing Money Services
Providing or operating a Payment Account, Providing Money Transmission, Issuing Payment Instruments, Issuing Stored Value
Conditions
Disclosure of testing status
1. The Licensee must disclose prominently on its website, in any written communication that it provides to a Client or potential Client, and in any form of electronic media that it makes accessible to a Client or potential Client, that:
(a) its Licence is a restricted “Innovation Testing Licence” and it is restricted under the Licence to testing its Services; and
(b) due to the restricted nature of its Licence, normal requirements and Client protections may not apply and Clients may have limited rights if they suffer loss as a result of taking part in testing of its Services.
Test Plan
2. The Licensee must ensure that it complies with its programme for testing its Services as set out in its Test Plan.
Exit Strategy
3. No later than one month after the end of the Testing Period, the Licensee must submit to the DFSA either:
(a) a duly completed application to remove the restrictions on its Licence, that includes all information necessary to demonstrate to the DFSA that it can meet the requirements to hold an unrestricted Licence; or
(b) a request in writing to withdraw its Licence.
4. If the Licensee applies to the DFSA to remove the restrictions on its Licence and the DFSA refuses to remove the restrictions, the Licensee must no later than one month after it is notified by the DFSA of the refusal, submit a request in writing to the DFSA to withdraw its Licence.
Restrictions
Restrictions on Money Services that may be provided
5. The Licensee is restricted to providing the following Money Services:
(a) providing Money Transmission;
(b) providing or operating a Payment Account;
(c) issuing Payment Instruments; and
(d) issuing Stored Value.
Restrictions on Endorsement
6. The Licensee is not permitted to hold or control Client Investments.
Activities restricted to testing of Service
7. The Licensee must not carry on a Financial Service under the Licence except for the purpose of testing its Services.
Restrictions relating to Clients that may take part in testing
8. The Licensee must ensure that it conducts testing of its Services with no more than:
(a) 1,000 Clients in total during Phase One;
(b) 3,000 Clients in total during Phase Two (with that total including any Clients from Phase One); and
(c) 8,000 Clients in total during Phase Three (with that total including any Clients from Phases One and Two).
9. The Licensee must ensure that it conducts testing of its Services only with Clients who are UAE residents.
Restrictions relating to value of transactions
10. The Licensee must ensure that Money Transmission transactions for a Client do not exceed USD 1,000 in value per day.
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