Two Additional Banks Enlist as Participants in Favara

Two additional banks were on-boarded as Participants of Favara yesterday – the Maldives Instant Payment System developed under the Maldives Payment System Development (MPSD) project to facilitate fast, convenient and secure payment services in the Maldives. 

Bank of Ceylon (BOC) and Mauritius Commercial Bank (Maldives) Private Limited (MCB) were the two new participants, following the successful completion of the pilot testing phase and all necessary arrangements required from them. 

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Starting today, all BOC and MCB Maldives customers can now access all the Favara services, including Favara Transfers, Favara Request, Favara ID and Favara Recall.

Along with these two additional participants, the services of Favara are now available through a total of 5 banks in the Maldives – including Bank of Maldives, Maldives Islamic Bank and State Bank of India.