Maldives Monetary Authority launches national financial inclusion and sustainable finance frameworks and establishes Payment Maldives

The Maldives Monetary Authority (MMA) has launched a National Financial Inclusion Strategy and a National Sustainable Finance Roadmap, alongside establishing a new entity, Payment Maldives, to manage payment infrastructure for digital payments. The three initiatives were launched on 22 December by President Dr. Mohamed Muizzu and MMA Governor Ahmed Munawar. The National Financial Inclusion Strategy is structured around five pillars: Access to Finance, Islamic Finance, Digital Finance, Inclusive Green Finance, and Consumer Empowerment and Financial Literacy. The National Sustainable Finance Roadmap sets out plans to channel financing towards climate action and sustainable development priorities, promote green, social and sustainability-linked financial products, strengthen regulatory frameworks, and direct capital towards areas including climate adaptation, renewable energy, sustainable housing and resilient infrastructure. MMA Deputy Governor Aishath Asna Hamdi highlighted implementation challenges for different segments of society and the role of external stakeholders in delivering the financial inclusion agenda. During the launch ceremony, AFI Deputy Chief Executive Officer and Chief Operations Officer Chee Soo Yuen received an appreciation award recognising AFI’s technical assistance in developing the National Financial Inclusion Strategy.