Favara Records MVR 15 Billion in Transactions Within One Year
The instant payment system Favara, which facilitates monetary transactions between banks, has recorded a total transaction volume of MVR 15 Billion over the past year.
Celebrating one year of seamless interbank payments! Thank you for being a part of our journey to modernize the Maldivian payments landscape with fast, instant and secure transactions.#Favara #MaldivesMonetaryAuthority pic.twitter.com/YVho7Y4VZB
— Favara – MIPS (@Favara_MIPS) August 26, 2024advertisement
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Developed by the Maldives Monetary Authority (MMA) and launched on 26 August 2023, Favara provides a modern, convenient, and cost-effective way for users to conduct digital financial transactions, allowing for instant payments and transfers between any bank accounts.
According to statistics released by the MMA, Favara has handled transactions totalling USD 972 million over the past year. The system is integrated with five banks: Bank of Maldives (BML), Maldives Islamic Bank (MIB), Bank of Ceylon (BoC), State Bank of India (SBI), and Mauritius Commercial Bank (MCB).
Favara offers a range of services including instant payments, request to pay, smart addressing, and account verification. The MMA highlighted that the system enables citizens living on remote islands to open accounts with any participating bank and carry out transactions instantly.
The first phase of Favara’s rollout focused on enhancing domestic financial transactions. Looking ahead, the second phase aims to integrate the system with national payment systems of other countries to support instant international transactions.
