The Maldives Monetary Authority (MMA) has signed the Participation Agreement of the IPS – Favara with two banks.
The IPS – Favara, was developed under the Maldives Payment System Development (MPSD) project to facilitate fast, convenient and secure payment services in the Maldives.
The central bank onboarded both Bank of Ceylon (BOC) and The Mauritius Commercial Bank (Maldives) Private Limited (MCB) for the online payment network.
The agreement signed with the banks stipulates the rights and obligations of the system participants.
Pilot testing of the newly onboarded banks will commence from November 8, 2023 onwards.