President Dr Mohamed Muizzu has ratified the First Amendment to the National Payment System Act (Act No. 8/2021), granting the Maldives Monetary Authority (MMA) greater statutory authority to oversee and strengthen the country’s financial infrastructure.
The amendment, passed by the People’s Majlis on 18 August 2025, enables the MMA to develop and enhance the national payment system, introduce modern technologies, and facilitate innovative payment services. It also allows the central bank to establish an independent company or enter into partnerships and joint ventures to carry out these functions.
Under the revised law, no individual or entity may operate a payment system specified in the Act without a licence or authorisation from the MMA. The amendment further prohibits the solicitation or attempted solicitation of such services without approval. To enforce compliance, the MMA is empowered to impose fines ranging from MVR 100,000 to MVR 10,000,000.
The amendment was published in the Government Gazette following ratification and has now come into effect.
