Local incorporation required for operating payment systems services in Lesotho.
"Interpretation 
2. In this Act, unless the context otherwise requires - [...]
"system"means an interbank payment system, a securities settlement system or a clearing house;
[...]
Part III - Licensing [...]
Licensing
10. (1) A person shall not operate a system in Lesotho, unless the person is in the possession of a licence for this purpose, obtained from the Central Bank.
(2). A licence shall not be granted to a banking institution or a company which is not incorporated under the laws of Lesotho.[...]" (Payment Systems Act, 2014)

Payment Systems Act, 2014
[<a href="https://www.centralbank.org.ls/images/Legislation/NPS/Payment-Systems-Act-2014.pdf">Act</a>]