(1) There are several classes of licences as specified in Schedule 1, which may be applied for and granted subject to the provisions of this Act.
(2) The several classes of licences issued under this Act authorize the holders, for the period specified in the licence, to carry on money services business as specified under this section and not otherwise a—
(a) “Class A” licence permits a licensee to carry on any or all of the following businesses—
(i) transmission of money or monetary value in any form,
(ii) the issuance, sale or redemption of money orders or traveller's cheques,
(iii) cheque cashing,
(iv) currency exchange;
(b) “Class B” licence permits a licensee to carry on any or all of the following businesses—
(i) the issuance, sale or redemption of money orders or traveller's cheques,
(ii) cheque cashing,
(iii) currency exchange;
(c) “Class C” licence permits a licensee to carry on the business of cheque cashing;
(d) “Class D” licence permits a licensee to carry on the business of currency exchange; (Amended by Act 20 of 2014)
(e) “Class E” licence permits a licensee to carry on the business of micro-lending; (Inserted by Act 20 of 2014 and amended by Act 5 of 2021)
(f) “Class F” licence permits a licensee to carry on the business of lending. (Inserted by Act 5 of 2021)
(3) The Minister may amend Schedule 1 by Order published in the Gazette.