Three new service providers have been onboarded as participants of Favara – the Maldives Instant Payment System implemented by the Maldives Monetary Authority (MMA).
MMA said Habib Bank Limited (HBL), Commercial Bank of Maldives (CBM), and Dhiraagu Fintech Private Limited (Dhiraagu Fintech) are the new service providers onboard to Favara.
With this, Dhiraagu Fintech becomes the first non-bank payment service provider (PSP) of Favara. All three Participants have completed the pilot testing and all necessary prerequisites before this.
Having been onboarded to Favara, customers of HBL and CBM, and Dhiraagu Fintech can now access all the services of Favara, inclusive of Favara Transfers, Favara Request, Favara ID, and Favara Recall.
This also marks a major milestone, as all the banks currently operating in the Maldives are now participants of Favara, allowing seamless transactions between accounts held at any bank.
Additional PSPs are also currently in the process of completing their developments to integrate with Favara.
