Governor Ahmed Munawwar has said that Payment Maldives will strengthen the country’s financial system and make access to finance easier for the public. The governor made the remarks while speaking at the inauguration ceremony of the financial sector development activities.
Addressing the event, Governor Munawwar shared details of ongoing efforts to strengthen the financial sector and ensure it is accessible to all segments of society. He said particular emphasis has been placed on familiarising young people and schoolchildren with financial systems and digital finance.
The governor noted that a significant volume of transactions has already been processed through Favara, which was introduced as part of efforts to modernise and strengthen the financial sector. He said that last year alone, approximately USD 1.49 billion was transacted through the platform.
“Last year, nearly eight million transactions worth over or around USD 1.49 billion, were completed through Favara. Today, this figure has doubled to USD 3.11 billion transactions. This demonstrates the public’s interest in the ease, speed and robustness of digital payments,” the governor said.
Governor Munawwar stressed that Payment Maldives is not merely a payments infrastructure, but an ecosystem bringing together banks and fintech service providers to deliver instant, secure and uninterrupted payment services across the country.
He said Payment Maldives is working to further strengthen digital payments, which will support the promotion of innovative ideas aligned with the development of digital finance.
The governor added that the system will enhance full participation in financial services and improve access to finance nationwide. He said the advanced technology underpinning the platform will also facilitate the development of innovative solutions in collaboration with stakeholders across the financial sector.