Governor of Maldives Monetary Authority (MMA) Ahmed Naseer reveals plans of establishing a national payment system in Maldives. The Governor of Maldivian central bank made the statement while addressing the inauguration ceremony held to launch the new outlet of Commercial Bank of Maldives in Hulhumale'.
With various development projects being conducted in various sectors of the nation, the payment systems in the financial sector have always lagged behind, according to the Governor of MMA Ahmed Naseer. In this regard, Governor Ahmed Naseer stated that various efforts have been done to tackle the challenges in this industry and to reach on par with all the other sectors. Ahmed Naseer revealed that MMA plans to establish a national payment system in Maldives and stated that the payment system would boost the efficiency of the banks in Maldives.
The bank being the youngest bank in Maldives has achieved major milestones in a short span of time, Chairman of Commercial Bank of Maldives Hussain Afeef said addressing the ceremony. In addition, he said that with the inauguration of the new outlet of the bank, the contrast between the bank and other banks in Maldives is expected to be minimised.
The new branch of the bank which is inaugurated at the Tree Top Hospital Building is set up by a total bank capital of USD 150 million. The main branch of the bank was inaugurated by President Abdulla Yameen Abdul Gayoom on September 26, 2016.