The First Amendment to the National Payment System Act (Act No. 8/2021) has come into force, following the ratification by President Dr Mohamed Muizzu, introducing key changes to expand the role of the Maldives Monetary Authority (MMA) in developing and regulating the country’s payment infrastructure.

The amendment was passed by the People’s Majlis on 18 August during its 26th sitting of the second session of 2025, and subsequently ratified and published in the Government Gazette.

Under the new provisions, the MMA has been granted statutory authority to modernise the national payment system, facilitate the introduction of technology-driven services, and enter into partnerships, joint ventures, or independent companies to achieve this mandate. It also prohibits individuals or entities from operating payment systems without a licence or authorisation from the MMA.

To ensure compliance, the authority has been empowered to impose fines ranging from MVR 100,000 to MVR 10 million for violations, including unauthorised solicitation of payment services.

According to the Government, the changes are intended to strengthen the financial system, improve security, and support innovation, ultimately enhancing access and efficiency for businesses and consumers alike.