Maldives Monetary Authority (MMA) has issued the first two licenses for payment service providers to two telecommunications companies, Dhiraagu and Ooredoo Maldives.
MMA issued the licenses for payment service providers under the National Payment System Act, which was ratified in May 2021. The act seeks to improve the existing national payment system and govern its operations while also providing ways to establish interoperability among payment systems, clearing systems, installment systems, and relevant bodies that provide similar services. The act confers all powers of overseeing and regulating the national payment system to MMA, which will also be responsible for enforcing the law.
MMA issued licenses to allow Dhiraagu and Ooredoo to provide electronic payment and remittance services in the Maldives.
The authority has revoked the previous licenses given to Dhiraagu and Ooredoo to provide mobile payment services, and the companies are now required to provide payment services under the new license. As such, Ooredoo has said it will be introducing its new remittance service through its mobile wallet, m-Faisaa.
MMA stated it is continually working to improve the national payment system to provide easier access to payment services for citizens.