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MMA Onboards Three New Service Providers to Favara

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Ahmed Shurau

The Maldives Monetary Authority (MMA) has announced the onboarding of three new service providers to Favara, the Maldives' Instant Payment System.

The newly onboarded participants are Habib Bank Limited (HBL), Commercial Bank of Maldives (CBM), and Dhiraagu Fintech Private Limited (Dhiraagu Fintech). Notably, Dhiraagu Fintech becomes the first non-bank payment service provider (PSP) to join Favara.

All three participants have successfully completed pilot testing and met all necessary prerequisites prior to their integration. Customers of HBL, CBM, and Dhiraagu Fintech can now access Favara's full suite of services, including:

  1. Favara Transfers
  2. Favara Request
  3. Favara ID
  4. Favara Recall

This development signifies a major milestone as all banks operating in the Maldives are now participants of Favara, enabling seamless transactions between accounts held at any bank.

MMA also revealed that additional PSPs are currently in the process of integrating with Favara, further expanding the system’s accessibility and inclusivity.

Favara continues to advance digital payments in the Maldives, ensuring greater financial connectivity for individuals and businesses alike.

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