Governor of Maldives Monetary Authority (MMA) Ali Hashim has revealed preparations are ongoing to implement the National Payment System in September.
Speaking at an event of Ooredoo Maldives, Governor Hashim said the implementation of the National Payment System was delayed due to difficulties caused by the COVID-19 pandemic. As such, the governor noted there were delays in acquiring some of the equipment, technologies and system upgrades needed for the payment system. However, he expressed confidence the payment system can be implemented in September this year, despite setbacks.
Speaking further, Governor Hashim said the regulation on payment services, which is to be established under the National Payment System Act, will be published in the Government Gazette next week. He added MMA is also undertaking research into the opportunities and challenges of introducing digital money to the Maldives.
The National Payment System Act was ratified by President Ibrahim Mohamed Solih in May 2021. The legislation provides ways to establish inter-operability amongst payment systems, clearing systems, installment systems and relevant bodies that provide similar services.
The legislation further prioritises maintaining the confidentiality of customers and outlines a framework for fulfilling this purpose. It also aims to promote healthy competition amongst service providers.