President launches MMA strategy, sustainable finance roadmap

President Dr Mohamed Muizzu has inaugurated a set of major financial sector initiatives introduced by the Maldives Monetary Authority (MMA), marking a significant step towards expanding financial inclusion and aligning the financial system with long-term sustainable development goals.

The initiatives were launched at a ceremony held at Barceló Nasandhura on Monday, where the President unveiled the National Financial Inclusion Strategy and the National Sustainable Finance Roadmap.

The National Financial Inclusion Strategy focuses on improving access to and usage of formal financial services across the country, with the aim of ensuring broader participation in the financial system, particularly among underserved groups.

The National Sustainable Finance Roadmap outlines measures to strengthen the financial sector’s role in addressing climate change and supporting sustainable growth. It promotes the development of environmentally and socially responsible financial products, enhancements to regulatory frameworks, and improved access to financing for climate resilience, renewable energy projects, disaster recovery, and sustainable housing.

During the same ceremony, MMA Governor Ahmed Munawar inaugurated Payment Maldives, a newly established entity created to develop and manage the country’s national payment infrastructure.

Payment Maldives Private Limited will operate independently from MMA’s central banking functions and will be responsible for retail payment services such as Favara and the Automated Clearing House (ACH). The new structure is intended to accelerate the rollout of efficient, user-friendly payment solutions for both individuals and businesses.

The event also included a recognition segment, where five individuals were presented with commemorative plaques by President Dr Muizzu in acknowledgement of their contributions to the development of the Maldives Monetary Authority.