Payment Maldives to drive digital payments, boost financial inclusion: Governor

Maldives Monetary Authority (MMA) Governor Ahmed Munawar has said the newly established Payment Maldives will play a central role in strengthening the financial system and expanding access to finance through secure and efficient digital payment services.

Speaking at the inauguration of MMA’s financial sector development initiatives, the Governor said the authority has prioritised modernising financial services while ensuring accessibility across all segments of society. He noted that efforts have also focused on introducing youth and students to digital finance and formal financial services.

Highlighting the rapid adoption of digital payments, Governor Munawar said transactions processed through Favara have increased significantly. Nearly eight million transactions worth over MVR 23 billion were recorded last year, while this year the figure has doubled to 16 million transactions exceeding MVR 48 billion in value.

He said the growth reflects strong public confidence in the speed, reliability, and convenience of digital payment platforms.

Governor Munawar stressed that Payment Maldives is not merely a technical platform, but a collaborative ecosystem bringing together banks and fintech providers to deliver instant, secure, and uninterrupted payment services nationwide. He added that the initiative will support innovation and align with the country’s broader digital finance agenda.

Payment Maldives will operate independently from MMA’s central banking functions and will oversee retail payment systems, including Favara and the Automated Clearing House (ACH), under a separate management structure.