Favara Processes MVR 100 Billion in Transactions Since Launch

The Maldives Instant Payment System, known as Favara, has processed more than MVR 100 billion (USD 6.49 billion) in transactions since its launch, according to Payment Maldives Private Limited.

Payment Maldives, a subsidiary of the Maldives Monetary Authority, launched the instant payment platform on 26 August 2023 to provide secure and rapid interbank transfers while improving access to digital financial services across the country.

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Mariyam Shaba, Chief Operating Officer and Acting Chief Executive Officer of Payment Maldives, said the platform reached the milestone of processing MVR 100 billion in cumulative transactions in April.

She said Favara now processes around 71,000 transactions each day, with funds transferred instantly between participating banks.

In addition to instant transfers, the platform enables individuals and businesses to issue payment requests, send bills and complete financial transactions using its integrated request feature.

Shaba said work is continuing to expand the range of services available through the platform as part of ongoing efforts to enhance the country’s digital payment ecosystem.

Payment Maldives also stated that visitors to the Maldives Financial Expo 2026 at Hulhumalé Central Park can learn more about Favara and the country’s payment ecosystem at the Maldives Monetary Authority’s exhibition stall.