The Maldives Monetary Authority has onboarded three new service providers as participants in Favara, the Maldives Instant Payment System, extending access to the platform’s instant payment and related services. Habib Bank Limited, Commercial Bank of Maldives and Dhiraagu Fintech Private Limited have completed pilot testing and the required prerequisites to join. Dhiraagu Fintech is the first non-bank payment service provider to participate in Favara, and customers of all three participants can use Favara Transfers, Favara Request, Favara ID and Favara Recall. With these additions, all banks currently operating in the Maldives are now participants, enabling transactions between accounts held at any bank. Additional payment service providers are still completing development work to integrate with Favara.
Maldives Monetary Authority 2025-01-28
Maldives Monetary Authority onboards HBL, Commercial Bank of Maldives and Dhiraagu Fintech to Favara instant payments
The Maldives Monetary Authority has onboarded Habib Bank Limited, Commercial Bank of Maldives, and Dhiraagu Fintech Private Limited as new participants in the Favara Instant Payment System. Dhiraagu Fintech is the first non-bank payment service provider to join, allowing customers of all three entities to access Favara's services. With these additions, all banks in the Maldives are now part of the system, facilitating transactions across any account.