Tuesday
18th Aug 2026
Dhivehi Edition
Photo: Majilis
The People’s Majlis has passed an amendment to the National Payment System Act aimed at establishing a National Payment Switch, in a move intended to further strengthen and modernise the Maldives’ financial infrastructure.
The bill was submitted to Parliament on behalf of the government by Hulhudhoo constituency MP Mohamed Shahid and was passed unanimously by the 66 members who participated in the vote, according to the information provided.
During the debate, MPs who spoke on the bill highlighted its importance in modernising the country’s payment system.
Under the amendment, the Maldives Monetary Authority (MMA) will have the authority to designate a specific system within the National Payment System as the National Payment Switch.
The amendment further provides that transactions designated by the MMA involving banks and payment service providers, both within the Maldives and internationally, will be processed and routed through the switch.
The proposed system is expected to improve interoperability between banks and payment service providers, allowing customers to make payments across different financial platforms more conveniently.
Speaking on the bill, MP Mohamed Shahid said connecting different banks and payment service providers through a single platform would provide greater convenience to the public.
Under the system, customers would be able to use a card or digital wallet issued by one bank to make payments through QR codes and point-of-sale (POS) terminals belonging to other banks, making transactions more seamless.
Shahid also said the system could help reduce the fees currently charged on payment transactions.
The legislation builds on the Maldives’ ongoing efforts to modernise its national payment infrastructure. The MMA already operates and oversees key components of the country’s payment infrastructure, including the Maldives Instant Payment System (MIPS), while the National Payment System Act gives the authority responsibility for overseeing and regulating the national payment system.
The government has previously said that strengthening national payment infrastructure is necessary to improve the efficiency, security and accessibility of financial services. In 2025, an amendment to the National Payment System Act further expanded the MMA’s statutory authority to develop and enhance national payment infrastructure and facilitate technology-driven payment services.