MMA to only accept electronic payments for larger transactions

Maldives Monetary Authority (MMA) has announced its decision to accept larger transactions above USD 5,000 only via electronic payments starting from next October.

The central bank said the decision is part of its strategic plan to decrease the dependency on cheques and cash payments in efforts to embrace digital payment solutions. MMA further stated the first phase of the 5-year strategic plan involves reducing large payments in public offices and opting to digital and electronic payment methods. These payments include duties, tax and other fees paid to government authorities.

Ministry of Finance has instructed all public offices to adopt the policy announced by the MMA.