Maldives Vice President Faisal Naseem highlighted the importance of establishing housing finance banks in the island nation.
VP Naseem said this while speaking at the ceremony held to launch the Maldives Instant Payment System developed by Maldives Monetary Authority (MMA), “Favara”. The system was developed by the central bank under the Maldives Payment System Development project.
He noted that the financial sector requires expansion with the establishment of new banks that specifically facilitate housing loans and financial instruments easily for the customers in need of them. The VP also said the Maldives was in need of additional banks that specifically provide housing finance instruments, which would address funding detriments the public faced in social housing or flat acquisition or even in developing the property on their own land.
“Where is the money for that. Which banks allow billions of dollars in loans. We need more [banks], and Maldives is a popular [investment] destination, it is also popular among world leaders, they accept us and trust us,” Naseem said.
At the event, Naseem highlighted the state’s vision to double the Maldivian economy’s size and efforts to enhance business prospects. Naseem, while commemorating the launch of the ‘Favara’ instant payment system designed to enhance accessibility to digital banking services, Naseem stressed the significance of adapting to technological advancements.
Naseem said the new intra-bank and inter-bank instant payment system will revolutionize the financial sector coupling it with the development of the Maldivian economy.
“Further efforts are needed to enhance accessibility to financial services, including transactions and loans,” the VP said.