Over MVR10 Million Worth Transactions in 48 Hours: MMA

The Maldives Monetary Authority (MMA)'s instant payment system 'Favara' processed 3,678 transactions valued at MVR10.6 million within 48 hours of launch. Three banks—Maldives Islamic Bank (MIB), State Bank of India (SBI), and Bank of Maldives (BML)—are participating, with others adopting. MMA plans to launch a dedicated app. Favara allows transfers using email or phone number instead of account numbers, with limits of MVR50,000 for transfers and MVR5,000 for requests.

The Maldives Monetary Authority (MMA)'s instant payment system 'Favara' processed 3,678 transactions valued at MVR10.6 million within 48 hours of launch. Three banks—Maldives Islamic Bank (MIB), State Bank of India (SBI), and Bank of Maldives (BML)—are participating, with others adopting. MMA plans to launch a dedicated app. Favara allows transfers using email or phone number instead of account numbers, with limits of MVR50,000 for transfers and MVR5,000 for requests.

The Maldives Monetary Authority (MMA)'s instant payment system 'Favara' processed 3,678 transactions valued at MVR10.6 million within 48 hours of launch. Three banks—Maldives Islamic Bank (MIB), State Bank of India (SBI), and Bank of Maldives (BML)—are participating, with others adopting. MMA plans to launch a dedicated app. Favara allows transfers using email or phone number instead of account numbers, with limits of MVR50,000 for transfers and MVR5,000 for requests.

This story involves 1 source and may affect public understanding of digital payments / economy.