In a significant step toward regional financial connectivity, the Maldives Monetary Authority (MMA) has confirmed that the country's instant payment platform, ‘Favara’, will be directly linked with India's Unified Payments Interface (UPI) by July 2026.
Central Bank, MMA Governor Ahmed Munawwar announced the timeline, highlighting this integration as a crucial initiative to facilitate and secure cross-border transactions between the two nations.
Governor Munawwar outlined the preparatory steps, revealing that the MMA has invited local banks and payment providers to become equity partners in 'Payment Maldives'.
This initiative will collaborate with FAVARA partners to implement a nationwide QR code payment system compliant with the new National QR Code ‘PayMv’ by April. This domestic rollout paves the way for the subsequent international linkage.
The announcement comes amid heightened concerns over financial fraud within the Maldives. The Governor specifically highlighted the vulnerability of the elderly population, labeling the current fraud levels as alarming for a small country. He cited stark statistics—165 fraud cases reported to police in November alone, amounting to losses of USD 77,821 averaging five incidents per day.
Pointing to these challenges, Governor Munawwar emphasised the importance of the recently launched National Financial Inclusion Strategy. This strategy directly addresses the security concerns and aims to foster broader participation in the financial system. It attaches special priority to protecting vulnerable groups like the elderly and women, enhancing financial literacy, supporting SMEs, and safeguarding consumer rights, he added.