The Bank of Ceylon (BOC) and Mauritius Commercial Bank (MCB) have successfully onboarded as the new participants of Favara – the Maldives Instant Payment System.
The move aims on strengthening and expanding the digital payment system in the Maldives.
This development follows completion of a rigorous pilot testing phase and the fulfillment of all necessary requirements by both BOC and MCB. The integration of these banks into the Favara platform aims to offer customers with fast, convenient, and secure payment services.
Effective Monday, December 11, customers of both BOC and MCB Maldives can gain access to a comprehensive suite of Favara services, including Favara Transfers, Favara Request, Favara ID, and Favara Recall. The expansion significantly enhances the digital banking experience for individuals and businesses alike.
With the inclusion of the two banks, Favara instant payment system is now accessible through a total of five banks, which are;
- Bank of Maldives (BML)
- Maldives Islamic Bank (MIB)
- State Bank of India (SBI)
- Bank of Ceylon (BOC)
- Mauritius Commercial Bank (MCB)
This collaboration also underscores the commitment of the Maldives Payment System Development (MPSD) project to promote financial inclusivity and provide cutting-edge payment solutions to the Maldivian consumers.
Favara, the instant payment system, implemented and operated by the Maldives Monetary Authority (MMA), facilitates fast, convenient, and secure payment services in the Maldives and was launched on August 26, 2023.
The system establishes interoperability among all service providers, enabling instant clearing of funds for inter-bank transactions.