Payment Maldives will operate independently from the central bank, MMA's responsibilities. Its mandate will be to advance services provided through retail payment systems such as Favara and the Automated Clearing House (ACH) under a dedicated management structure.
President Muizzu (R) attends ceremony to launch financial sector development initiatives
A new company named "Payment Maldives" has been launched.
The company was launched during the inauguration ceremony for initiatives aimed at developing the financial sector. President Dr. Mohamed Muizzu attended the inauguration ceremony for the financial sector development initiatives.
During the ceremony, which took place on Monday, President Muizzu officially launched both the National Financial Inclusive Strategy (NFIS) and the National Sustainable Finance Roadmap (NSFR).
According to the President's Office, these two strategies were introduced with the dual objectives of expanding available financial services and enhancing accessibility, while also broadening the financial sector's role in mitigating climate change impacts and recovering from climate-related disasters.
It is anticipated that these strategies will not only further develop the financial sector of the Maldives but also positively contribute to the social and economic progress of the nation.
The National Financial Inclusion Strategy (NFIS) is formulated to facilitate easier access to financial services and to promote their increased utilization.
The National Sustainable Finance Roadmap (NSFR) is a comprehensive plan developed to expand the financial system's role in addressing climate change and fostering sustainable development.
This roadmap aims to encourage the introduction of environmentally friendly, socially responsible, and sustainably oriented financial products. Further, it seeks to strengthen relevant regulations and ensure that the financial system can provide the necessary funding for climate change preparedness, renewable energy projects and sustainable housing initiatives.
At Monday’s ceremony, Payment Maldives was officially launched by the Governor of the Central Bank, Maldives Monetary Authority (MMA) Ahmed Munawwar.
"Payment Maldives Private Limited" was established by MMA with the objective of developing the Maldivian payment system and establishing an infrastructure that enables the faster introduction of user-friendly payment services for the public and businesses.
A statement released by the President's Office clarifies that Payment Maldives will operate independently from the central bank, MMA's responsibilities. Its mandate will be to advance services provided through retail payment systems such as Favara and the Automated Clearing House (ACH) under a dedicated management structure.
During the ceremony, memorial plaques were presented to five entities in appreciation of their various contributions to the central bank. These plaques were handed over by the president.
