Regulations Concerning the Licensing and Operations of Electronic Payment Services in Liberia a. b. c. d. e. f. g. h. i. 8.0 The services to be offered Geographical areas that will be covered Information Technology to be used Payment flows and settlement/reconciliation arrangements. Information on capital and source(s) of funds Target market Financial projections and sensitivity analysis of the projections for the first three year Agent and merchant rollout plan Outsourcing arrangement FEES AND ANNUAL OPERATING LEVY a) The applicant is required to pay a non-refundable application fee of US$500.00 or its equivalent in Liberian dollars, providing proof of the payment with the application. b) The Central Bank of Liberia shall grant the license if the requirements set forth in these Regulations are met. The application shall be rejected if the requirements are not met or for other reasons such as the safety of the payment systems or public interest. c) The e-payment provider or operator shall pay a license fee of US$5,000.00 or its equivalent in Liberian dollars, no later than 30 days after receiving notice of approval of the application. d) An Annual Operating Levy of US$3,000.00 or its equivalent in Liberian dollars shall be paid on or before January 15 of each year. These fees may be reviewed and amended by the Central Bank of Liberia from time to time. 8.1 Capital Requirement 8.1.1 An entity wishing to engage in providing e-payment services shall be required to deposit in an escrow account at any licensed bank in Liberia, a minimum paid up capital of US$100,000.00 or its equivalent in Liberian Dollars at the prevailing market rate. This amount shall be deposited during the licensing period with copy of deposit slip being submitted to the Payment & Systems Department. The e-payment provider/operator shall at all times maintain the minimum core capital. 8.1.2 The CBL reserves the right to change the minimum capital as and when necessary. 9