Maldives Monetary Authority (MMA) has reported that the transactions conducted through the Maldives Instant Payment System ‘Favara’ amounted to over MVR 10 million in under two days.
The central bank reported a total of 3,676 transactions conducted so far through the instant payment system, which amounts to a total of MVR 10.6 million.
A total of three banks were onboarded with Favara before its launch which included Bank of Maldives (BML), Maldives Islamic Bank (MIB), and State Bank of India (SBI).
The current maximum fund transfer limit for a single transaction through Favara is MVR 50,000, while the maximum amount for a Favara Request is MVR 5,000.