The Maldives Monetary Authority (MMA) has reported that a sum of MVR10 million was transacted in a span of two days via the instant payment system, ‘Favara’. This advanced system facilitates immediate cash transfers between banks.
In the detailed figures provided by MMA, a total of 3,678 transactions took place over the last 48 hours.
Currently, ‘Favara’ offers four principal services in its inaugural phase. These are the establishment of a Favara ID, Favara transfers, Favara requests, and verification services. These services are accessible through the online banking platforms and applications of Bank of Maldives (BML), State Bank of India (SBI), and Maldives Islamic Bank (MIB).
Additionally, MMA has announced its intentions to launch a dedicated application for ‘Favara’.
One of the unique features of the ‘Favara’ system is the Favara ID, enabling banks to transfer funds using an email or phone number in lieu of a traditional account number. These transfers between banks are processed within moments. Moreover, the Favara Request allows both individuals and businesses to transact funds by issuing bills.
For users of the ‘Favara’ system, the maximum transfer limit per transaction is set at MVR 50,000, while the Favara Request feature permits sending up to MVR 5,000 at a time.