The Maldives Monetary Authority’s (MMA) Instant Payment System, ‘Favara’, has reported MVR 128.42 million in total transactions since its rollout on 26 August.
Up to Sunday, Favara had already registered 29,773 individual transactions. The initial days post-launch were particularly active, with MVR 10.6 million being transacted in just the first two days.
Favara’s design facilitates smoother bank-to-bank transactions, ensuring that funds transfer swiftly from one account to another. Leading banks, including the Bank of Maldives (BML), Maldives Islamic Bank (MIB), and the State Bank of India (SBI), have already joined the system.
With its expanding reach, the MMA envisions Favara not just as a means to enhance transaction efficiency and security but also as a tool to broaden financial inclusivity.
Beyond serving regular banking customers, Favara provides those without traditional bank accounts the opportunity to transact digitally, making the most of its integrated digital wallet for payments and services.