The Maldives Monetary Authority (MMA) formally signed agreements with the Bank of Ceylon (BOC) and The Mauritius Commercial Bank (Maldives) Private Limited (MCB) for their participation in the IPS-Favara.
Favara was developed under the Maldives Payment System Development (MPSD) project to facilitate fast, convenient and secure payment services in the Maldives.
This agreement signed with the banks stipulates the rights and obligations of the system participants. Having completed the user acceptance testing, the banks that signed the agreement will commence the pilot testing from 8th November 2023 onwards.
Over the forthcoming two weeks, the banks will be completing the pilot testing and making all necessary arrangements to become participants of Favara.