The instant payment system “Favara” has celebrated its first year of operations with MVR 15 billion processed in transactions.
The Maldives Monetary Authority (MMA) revealed that the system has successfully processed five million transactions in the past year, while over seven thousand transactions were completed via payment requests, totalling MVR 16 million.
Celebrating one year of seamless interbank payments! Thank you for being a part of our journey to modernize the Maldivian payments landscape with fast, instant and secure transactions.#Favara #MaldivesMonetaryAuthority pic.twitter.com/YVho7Y4VZB
— Favara – MIPS (@Favara_MIPS) August 26, 2024
Favara allows users to transfer up to MVR 200,000 per transaction and up to MVR 10,000 through payment requests. The Favara request feature enables recipients to send payment requests to payers. The system guarantees that customers can receive instant payments for transactions between accounts, regardless of their chosen bank.
Currently, five banks offer the Favara service, ensuring that uninterrupted 24/7 payment services are available throughout the year.
