Three more entities have officially become part of the Maldives Monetary Authority (MMA)’s instant payment system, Favara.
The new participants are Habib Bank Limited (HBL), Commercial Bank of Maldives Pvt Ltd (CBM), and Dhiraagu Fintech Pvt Ltd, with Dhiraagu Fintech being the first non-bank payment service provider to integrate with Favara.
According to MMA, all three entities have successfully completed their final preparations and the pilot testing phase to join Favara. As a result, customers using HBL, CBM, and Dhiraagu Fintech services can now access Favara services, including Favara Transfer, Favara Request, Favara ID, and Favara Recall.
With HBL and CBM now part of Favara, all banks offering banking services in the Maldives are included in the system. MMA stated that this integration enables seamless and instant transactions between banks. MMA also disclosed that efforts are already in progress to onboard more payment service providers to the Favara system.
