MMA Expands Favara Network as FahiPay Becomes Second Non-Bank Member

Digital wallet service FahiPay has signed an agreement with the Maldives Monetary Authority (MMA) to integrate with Favara, making it the second non-bank provider to join the national payment system.

The MMA details that, following the agreement, FahiPay will conduct initial technical tests over the coming days before advancing to the final preparatory phase ahead of its public launch, according to the central bank.

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The onboarding expands Favara’s domestic reach, where multiple commercial banks and digital wallet operators already provide interoperable services. Telecommunications provider Dhiraagu previously joined the network as a non-bank participant. Through the system, users can execute instant interbank transactions via Favara Transfer and issue electronic payment demands to individuals or corporate entities through Favara Request.

The MMA continues to widen the infrastructure’s scope through cross-border and retail initiatives. The authority has completed and launched an integration with India’s Unified Payments Interface (UPI). A subsequent phase of the rollout will introduce merchant QR-code payments across commercial establishments.

Alongside technical expansions, the central bank has established a dedicated support hotline for Favara and Payment Maldives services. The MMA stated that the service intends to bolster operational quality and streamline issue resolution for consumers. Payment Maldives Private Limited will process and rectify complaints logged via the helpline under direct central bank supervision.