MMA Issues the First Two Payment Service Providers’ Licence Under the National Payment System Act

Ooredoo Maldives and Dhiraagu have been issued Payment Service Provider’s License under the National Payment System Act. On 18th January 2022, these telecommunication companies were granted the license to issue electronic money. Ooredoo Maldives was additionally licensed to provide payment services required for remittance service in the Maldives.

With the issuance of the license to Dhiraagu and Ooredoo under the new Act – the licenses previously issued to the companies will now be void.

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Ooredoo’s remittance service is designed to wire money abroad via the company’s m-Faisaa mobile wallet.

National Payment System Act was passed and enacted last year. Subsequently, MMA, in December, opened applications for payment system operators to register with them.

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