Payment Maldives Private Limited (C28412025) is a separate legal entity registered under the Companies Act (7/2023), in line with the MMA’s strategic vision.
This vision recognizes that efficient, inclusive payment infrastructure is critical to fostering financial inclusion and driving economic growth. The primary objective of Payment Maldives is the operation and development of key retail payment systems: Favara and the Automated Clearing House (ACH).
The establishment of Payment Maldives is part of an initiative designed to streamline digital payments, foster innovation, and enhance accessibility. This paves the way for a more efficient, secure, and inclusive financial ecosystem that supports the evolving needs of consumers, businesses, and financial institutions.
The entity serves as the national vehicle for pioneering payment innovation and executing strategic reforms with precision.
Vision
To be the trusted engine of digital payments ecosystem – delivering secure, inclusive, and innovative financial services that empower people, grow businesses, and drive sustainable economic progress.
Mission
To be the trusted engine of digital payments ecosystem – delivering secure, inclusive, and innovative financial services that empower people, grow businesses, and drive sustainable economic progress.
Strategic Objectives
- To operate, maintain and continuously enhance secure, reliable and resilient retail payment systems within the Maldives.
- To provide and facilitate fast, convenient and affordable payment services for all users, including individuals, commercial enterprises and governmental bodies.
- To expand access to modern payment services, aiming to promote comprehensive financial inclusion across all segments of society.
- To serve as a catalyst for innovation within the national payment landscape by providing the foundational infrastructure and a supportive environment for FinTech companies and other innovators to develop, test and deploy new services.
- To actively research, adapt and integrate new and emerging payment technologies to ensure the continuous modernization of the payment ecosystem.
- To foster and promote international collaboration to strengthen and improve cross-border payment systems and relationships.