President Dr Mohamed Muizzu has ratified the First Amendment to the National Payment System Act, a legislative measure that significantly expands the regulatory authority of the Maldives Monetary Authority (MMA), the country’s central bank.
The amendment was passed by Parliament during the 26th sitting of the second session, held on Monday, 18 August 2025. Following its ratification on Thursday, the bill was published in the Government Gazette and has now come into legal effect.
The legislation grants the MMA statutory powers to oversee the development and modernisation of the national payment infrastructure. It is intended to reinforce the financial system and support the rollout of innovative payment services driven by emerging technologies.
To carry out this mandate, the MMA may form independent companies or enter into joint ventures and strategic partnerships, in accordance with the provisions of the bill. These mechanisms are designed to accelerate the evolution of the country’s payment landscape and bring it in line with international standards.
The amendment also introduces new licensing requirements. Under the revised framework, no individual or entity may operate a payment system defined by the legislation without formal authorisation from the MMA. Unlicensed solicitation of such services is prohibited.
To enforce compliance, the MMA has been vested with discretionary authority to impose financial penalties. Fines for violations may range from USD 6,486.49 to USD 648,648.65, reflecting the seriousness of unauthorised activity within the payment sector.