The Maldives Instant Payment System (FAVARA) has been launched to enable customers to send money instantly from one bank to another even during public holidays.
The system was launched by Vice President Faisal Naseem.
The system, designed by the Central Bank, Maldives Monetary Authority MMA, offers innovative, convenient, and affordable access to digital financial services, enabling users to make and receive payments instantly.
Speaking at the launch of the system, Vice President Naseem highlighted the importance of adapting to technological advancements and keeping pace with the dynamic world. He celebrated the inauguration of 'Favara,' which will make digital banking services more accessible than ever.
The Vice President also reiterated the administration's commitment to establishing and improving digitized services, laying the foundation for the digital Maldives.
The new payment system will revolutionize payment services in the country. It will enhance businesses' services and make them more accessible to everyone.
The customizable design of this system promotes the execution and access of payment services across the country. The system will encourage economic growth by promoting fintech and e-commerce services, providing opportunities for entrepreneurs and youth, and significantly increasing national production.
