The Maldives Monetary Authority (MMA) has announced the onboarding of three new participants to its Instant Payment System, Favara. Habib Bank Limited (HBL), Commercial Bank of Maldives (CBM), and Dhiraagu Fintech Private Limited have successfully integrated into the system, with Dhiraagu Fintech marking a significant milestone as Favara’s first non-bank payment service provider (PSP).
Following the completion of pilot testing and requisite preparations, customers of HBL, CBM, and Dhiraagu Fintech now have access to Favara’s suite of services. These include Favara Transfers, enabling instant inter-bank transactions; Favara Request, allowing users to request payments; Favara ID, which offers the convenience of using aliases such as phone numbers or email addresses for transactions; and Favara Recall, a feature designed to address erroneous or fraudulent transactions.
With the inclusion of these institutions, all banks operating in the Maldives are now participants in Favara, facilitating seamless transactions across different banks. The MMA has indicated that additional PSPs are in the process of integrating with the system, further broadening the scope of instant payment services available to the Maldivian public.
Launched on 26th August 2023, Favara is the Maldives’ Instant Payment System developed by the MMA under the Maldives Payment System Development (MPSD) project. The system is designed to provide fast, secure, and efficient payment services nationwide, operating 24/7 to ensure uninterrupted financial transactions.
Favara offers several key features:
- Favara Transfer: Allows customers to conduct instant inter-bank transactions, ensuring funds are transferred within seconds.
- Favara ID: Enables users to create easy-to-remember aliases, such as phone numbers, email addresses, or National Identification Numbers, linked to their bank accounts. This feature simplifies transactions by eliminating the need to share lengthy account details.
- Favara Request: Permits users to send payment requests to others, streamlining the process of requesting and receiving payments.
- Favara Recall: Provides a mechanism for reporting and rectifying erroneous or fraudulent transactions directly through the system.
The implementation of Favara represents a significant advancement in the Maldives’ financial infrastructure, promoting financial inclusion and enhancing the efficiency of payment services across the nation.
