Maldives Monetary Authority (MMA) Governor Ahmed Munawar has stated that Payment Maldives will strengthen the country’s financial system and improve access to finance by expanding secure and efficient digital payment services.

The Governor made the remarks while speaking at the inauguration ceremony for the MMA’s financial sector development initiatives.

Addressing the event, Governor Munawar outlined ongoing efforts to strengthen the financial sector and ensure accessibility, noting that initiatives have also focused on familiarising youth and school students with financial services and digital finance.

He highlighted the rapid growth of transactions conducted through Favara, which was introduced as part of efforts to modernise the financial system. According to the Governor, nearly eight million transactions worth more than MVR 23 billion were completed through Favara last year.

“This year, that figure has doubled to 16 million transactions with a total value exceeding MVR 48 billion. This clearly demonstrates public confidence in the ease, speed, and reliability of digital payment systems,” he said.

Governor Munawar stressed that Payment Maldives should not be viewed solely as infrastructure, but as a collaborative ecosystem bringing together banks and fintech service providers to deliver instant, secure, and uninterrupted payment services nationwide. He said the platform would play a key role in strengthening digital payments and fostering innovation aligned with the country’s digital finance agenda.

He added that the system is expected to enhance financial inclusion, improve access to finance, and support the development of innovative solutions through collaboration among stakeholders across the financial sector.

Payment Maldives will operate independently of the central banking functions of the MMA. Under a separate management structure, it will be responsible for promoting and managing retail payment services, including Favara and the Automated Clearing House (ACH).