Payment Maldives: Taking Maldives’ financial sector to the next level

The Maldives Monetary Authority (MMA) has established a company called Payment Maldives Pvt Ltd (Payment Maldives) with the aim of developing the payment system in the Maldives and establishing an infrastructure that will enable the introduction of easy-to-use payment services. The company was officially launched on 22 December 2025 by the Central Bank’s Governor, Ahmed Munawwar.

The company will be able to facilitate the robust operation of retail payment systems in the country and facilitate the introduction of new innovative payment services with the help of modern technology. It is also set to be the main institution that sustainably develops payment services for various segments of the economy to increase financial participation in the Maldives.

According to the statement published by MMA, Payment Maldives will be separated from the responsibilities of the Central Bank. The company will be responsible for promoting services through retail payment systems, such as Favra and Automated Clearing House (ACH), under separate management. MMA further noted that Payment Maldives will accelerate the development of the entire payment infrastructure, and that such projects with the participation of financial service providers will facilitate their cooperation in achieving the goals of introducing new innovative services.

The company will transfer the operations of Favra and Automated Clearing House (ACH) to Payment Maldives. Additionally, key projects already underway to develop the payment system include the cross-border integration of Favra with India's UPI, and the implementation of the PayMV QR code will be continued with Payment Maldives.

Payment Maldives is a company initiated by the MMA, with a 60 percent stake in the company. The reason for this is that the MMA conducts research on the changes and advances in global payment technology and conducts related projects with its dedicated staff. Operating Payment Maldives with employees with technical experience in innovation, product development, information technology, and other relevant fields will accelerate the introduction of new innovative services to customers and further strengthen the operation of existing systems.

Although under separate management, the MMA plans to hold a percentage of its shares in the central bank to ensure that the main objective of the National Payments System Act is to establish a secure and robust payment system and increase financial participation in the country.

MMA further noted that similar companies have proved to be a successful model globally. This model has been successfully implemented in other developed countries. Countries such as India, Australia, Thailand, and Jordan have successfully implemented such models and brought about major changes in their financial systems. The National Payments Corporation of India (NPCI) - developed in partnership with the Reserve Bank of India and the Indian Banks Association - provides real-time digital payments through platforms such as UPI. Australia’s NPP Australia was established with the support of the Reserve Bank of Australia and major banks to deliver real-time infrastructure to all Australians. Additionally, Jordan and Thailand have also established similar companies.

A major change in the financial system with Payment Maldives

The introduction of Payment Maldives towards a digital-first financial system is an important step in the journey of a digital Maldives. As more and more people adopt digital payments, the need for a robust, secure, and inclusive infrastructure has increased. MMA noted that the company believes that Payment Maldives is a platform that will support existing systems and prepare for future needs.

The benefits of Payment Maldives to the general public include:

• Fast and convenient payment services

• Opportunity for more secure financial transactions

• Easy access to new innovative financial services

• Increased financial inclusion, allowing more people access to the formal financial system  

Benefits for businesses include:

• Lower payment processing costs

• Easy access to new technologies and services

• Increased international trade opportunities

Overall, Payment Maldives will be an important step for the future of the financial sector in the Maldives. This move will strengthen the Maldives’ financial infrastructure, facilitate innovation, and move towards a digital economy. As a result, it is hoped that more opportunities and facilities will be provided to the Maldives’ people and businesses.