m-Faisaa Secures Inward Remittance License from Maldives Monetary Authority

News

In a major step towards strengthening the Maldives’ digital financial ecosystem, m-Faisaa, the digital wallet service by Ooredoo Fintech Maldives, has officially received an Inward Remittance License from the Maldives Monetary Authority (MMA).

The license represents a significant milestone in Ooredoo’s ongoing efforts to expand its fintech portfolio, enabling secure, seamless, and convenient cross-border money transfers directly into m-Faisaa wallets.

At a special ceremony held at the Maldives Monetary Authority, the license was officially handed over by MMA Governor Ahmed Munawwar to Ms. Fatima Al Kuwari, Board Member of Ooredoo Fintech Maldives and Chairperson of Ooredoo Maldives, and Mr. Khalid Al-Hamadi, Chief Executive Officer of Ooredoo Maldives.

With this new capability, m-Faisaa will soon allow users—especially freelancers, small business owners, and families reliant on international transactions—to receive funds from abroad directly into their digital wallets. The service eliminates the need for intermediaries, offering greater convenience, lower costs, and enhanced financial inclusion across the nation.

Speaking at the event, Mr. Khalid Al-Hamadi, CEO & Managing Director of Ooredoo Fintech Maldives, stated:

The introduction of inward remittance services positions m-Faisaa as a leading player in the Maldives’ move toward a cash-lite, inclusive, and tech-driven economy, aligned with the government’s broader digital transformation goals.