Maldives Monetary Authority MMA says two additional banks have been on-boarded today as participants of Favara – the Maldives Instant Payment System.
MMA said that the Bank of Ceylon (BOC) and Mauritius Commercial Bank (Maldives) Private Limited (MCB), are the two new Participants, following the successful completion of the pilot testing phase and all necessary arrangements required from them.
The Central bank said that starting today, all the customers of BOC and MCB Maldives can now access all the services of Favara, inclusive of Favara Transfers, Favara Request, Favara ID, and Favara Recall.
It also said that along with these two additional Participants, the services of Favara are now available through a total of 5 banks in the Maldives – including Bank of Maldives, Maldives Islamic Bank, and State Bank of India.
The Favara system was developed under the Maldives Payment System Development (MPSD) project, to facilitate fast, convenient and secure payment services in the Maldives.
