Governor of Maldives Monetary Authority (MMA) Ali Hashim has stated the new national payment system will be established and implemented by October 2021.
Speaking at the Parliamentary Committee on Public Accounts regarding the bill on national payment services, Governor Hashim said the new system aims to modernise and strengthen the structure for financial transactions in the Maldives. As such, the governor noted the system will provide better convenience in international transactions and allow small and medium enterprises (SMEs) to provide better and cheaper modes of payment. He added the new system will help to increase investments in the Maldives and strengthen the competition among businesses.
The governor said such a system is urgently needed, highlighting the increasing number of online transactions due to the COVID-19 pandemic. Noting the system has already been tested in another country, the governor said a team of technical experts will analyse the financial sector of the Maldives for three months and adjust the system in accordance to the requirements of the country. He expressed hope the system will be fully implemented and in use by October next year.
Governor Hashim further revealed the contract for the establishment of the national payment system will be signed next week. He also noted MMA will formulate the necessary policies and regulations in relation to the payment system, to protect the rights of individuals using the service.