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Gov't inaugurates Favara, the Maldives Instant Payment System

Vice President Faisal Naseem has inaugurated Favara, the Maldives Instant Payment System.

Favara was developed by the Maldives Monetary Authority (MMA). The system offers innovative, convenient, and affordable access to digital financial services, enabling users to make and receive payments instantly.

At the inauguration ceremony, Vice President Naseem highlighted the importance of adapting to technological advancements and keeping pace with the dynamic world. He celebrated the inauguration of Favara, which will make digital banking services more accessible than ever. He also reiterated the administration's commitment to establishing and improving digitised services, laying the foundation for the digital Maldives.

Also at the ceremony, Governor of MMA Ali Hashim said that the purpose of developing Favara was to establish a level playing field in the market for payment services and enhance competition in the financial sector. He also said that the project enables MMA to facilitate a robust infrastructure that connects all the banks and payment service providers to a single network.

Favara is expected to revolutionise payment services in the country by enhancing the services of businesses and making them more accessible. The customisable design of the system promotes the execution and access of payment services across the country. The system will encourage economic growth by promoting fintech and e-commerce services, providing opportunities for entrepreneurs and youth, and significantly increasing national production.

Favara includes instant payment, request to pay, smart addressing, and account verification services. MMA stated that the payment system will allow citizens living on an island in the Maldives to open an account at any bank and instantly make transactions. The first phase of the instant payment system adoption prioritises enhancing internal financial transactions. The second phase will connect the system to the national payment systems of other countries to facilitate instant foreign currency transactions.