President Dr Mohamed Muizzu has inaugurated key financial sector development initiatives launched by the Maldives Monetary Authority (MMA), aimed at strengthening financial inclusion and supporting sustainable economic development.

The initiatives were inaugurated at a ceremony held at Barceló Nasandhura on Monday. During the event, the President launched the National Financial Inclusion Strategy and the National Sustainable Finance Roadmap.

The National Financial Inclusion Strategy is designed to improve access to financial services and increase their use across the population, with a focus on ensuring wider participation in the formal financial system.

Meanwhile, the National Sustainable Finance Roadmap seeks to expand the role of the financial sector in climate change mitigation, climate disaster recovery, and sustainable development. The roadmap promotes the introduction of environmentally friendly, socially responsible, and sustainability linked financial products, strengthens regulatory frameworks, and facilitates access to finance for areas such as climate preparedness, renewable energy, and sustainable housing.

At the same ceremony, Payment Maldives was inaugurated by MMA Governor Ahmed Munawar.

Payment Maldives Private Limited was established by the MMA with the objective of developing the national payment system and creating infrastructure that enables the faster introduction of user friendly payment services for the public and businesses.

Under the new arrangement, Payment Maldives will operate separately from the central banking responsibilities of MMA. It will be responsible for promoting and managing retail payment services, including Favara and Automated Clearing House (ACH), under an independent management structure.

The ceremony also recognised individuals who have contributed to the development of the MMA. Five recipients were presented with commemorative plaques by President Dr Mohamed Muizzu in recognition of their service.