The Maldives Monetary Authority (MMA) has announced a significant increase in the transfer limit for the “Favara” instant payment system, a component of the Maldives Payment System Development project.
Effective today, users can transfer up to MVR 200,000 between banks through Favara, a substantial increase from the previous limit of MVR 50,000. Additionally, the limit for Favara requests has been raised to MVR 10,000.
The Favara system, developed by the MMA, aims to provide fast, secure, and accessible payment services throughout the Maldives. It allows users to conduct instant monetary transactions regardless of their bank or payment service provider.
Participating banks in Favara include:
- Bank of Maldives (BML)
- Maldives Islamic Bank (MIB)
- State Bank of India (SBI)
- Mauritius Commercial Bank (MCB)
- Bank of Ceylon (BOC)
Favara ID and Favara Request features are available for transactions within the same bank and between different banks. However, BML has opted not to offer Favara request services for transactions between its own accounts.
