The Maldives Instant Payment System, known as ‘Favara’, has successfully processed USD 6.49 billion in transactions thus far, Payment Maldives Private Limited announced. As a subsidiary of the Maldives Monetary Authority, the entity developed a secure, rapid architecture that officially commenced operations on 26 August 2023.
The platform aims to extend financial accessibility to unbanked populations and account holders at all domestic banking institutions, ensuring the conveniences of modern digital finance are distributed equitably. The sheer volume of transactions serves as a clear indicator of the system's overarching success, Mariyam Shaba, the chief operating officer and acting chief executive officer of Payment Maldives, noted during an exclusive interview with PSM News.
"In April, we achieved the significant milestone of processing a total of MVR 100 billion [USD 6.49 billion] through Favara,” Shaba observed. “An aggregate of 71,000 transactions are executed on a daily basis utilising the platform. This signifies that, to date, this MVR 100 billion has been instantaneously transferred between banking institutions via our Favara system."
The transfer function permits funds to be deposited between banks within seconds. Private individuals and commercial enterprises may issue bills and execute financial transactions utilising the platform's integrated request feature. Operational efforts to expand the suite of services remain ongoing. Attendees visiting the Maldives Financial Expo 2026 at Hulhumalé Central Park can acquire additional information regarding the payment ecosystem at the Maldives Monetary Authority stall, the subsidiary confirmed.