President Dr Mohamed Muizzu has ratified an amendment passed by the Parliament to the Payment Systems Act to establish a national payment switch and strengthen the governance and monitoring of national payment systems.
The amendment to System Act (Act No. 8/2021) was passed at the 25th sitting of the second session of Parliament, held on Monday, 17 August.
Under the amendment, the Maldives Monetary Authority (MMA) is empowered to designate a system within the Maldivian National Payment System as a national payment switch.
Banks and payment service providers operating in the Maldives and abroad will be required to route all payments through the system designated by the MMA and comply with the requirement within a specified period.
The amendment has been published in the Government Gazette and is now in effect.