Favara FAQs

1. What is Favara?

Favara is the Instant Payment System being implemented by the MMA, to
facilitate fast, convenient and secure payment services in the Maldives. Favara will
enable customers to send and receive money to and from anywhere in the Maldives
instantly, regardless of the service provider you hold your payment account with.

 

2. What are the services available via Favara?

•  Favara Transfers – enables customers to conduct inter-bank transactions
  instantly. Customers can also verify whether their funds are being transferred to
  the intended recipient through the account verification services – regardless of
  which service provider the account is held with.

Customers can send up to MVR 200,000 with each Favara Transfer.

• Favara ID – allows customers to link an easy-to-remember Alias to their account,
  which can then be used to initiate transactions instead of using account numbers.
  As of now, Mobile Number, Email Address and National ID Number can be used
  as a Favara ID.
• Favara Request – allows a customer to send a payment request to another
  customer, requesting for a payment of a specific amount. Approval of the request
  will result in an instant fund transfer between both customers.

Customers can request for up to MVR 10,000 with each Favara Request.

• Favara Recall – allows a customer to request for a refund of an already processed
  account transfers. Refunds will be processed following investigation by the
  service provider for transactions conducted by mistake, potentially fraudulent
  activities, etc.

 

3. How can I use the services of FAVARA?

Banks and other payment service providers will be providing the services of
FAVARA to the end-users, utilizing their digital channels – i.e. Internet Banking, Mobile
Application. Currently, the services are available via the Internet Banking services and
Mobile Applications of Bank of Maldives and Maldives Islamic Bank, and the Mobile
Applications of State Bank of India, Bank of Ceylon and Mauritius Commercial Bank
Maldives. Banks are working on making all services of Favara available via all their
respective digital channels at the earliest.

 

4. How is FAVARA different from the current Systems?

Inter-bank transactions will now be processed instantly, as FAVARA will operate
24/7/365 and will no longer be restricted to banks’ operating hours.

 

5. Will I be charged any fees to obtain the services offered via FAVARA?

Individual customers will not be charged any fees for any incoming or outgoing
person-to-person (P2P) transactions conducted via Favara.

 

6. What should I do if there’s an issue in processing my transaction via Favara?

• All services of Favara are provided to the end-users by the banks, MMA only
  facilitates the infrastructure that integrates all the banks.
• Customers can reach out to their service providers via their customer service
  channels for all queries regarding any transaction, same as the current practices.
•  Should the customer require additional information or wish to share any
  grievances, they can reach out to the MMA’s hotline for complaints about financial
  sector services at 1444.

 

7. What are the benefits for users?

For interbank credit transfers, customers will get access to funds in real time as
the system operates 24/7/365, increasing the efficiency of making payments. Payments
will also be made more convenient with the introduction of Favara ID and Favara Request
as new services, in addition to minimizing the need for cash and cheques due to the use
of digital channels to initiate all transactions.

Additionally, corporate customers who now rely on paper-based payment instruments
can now utilize convenient digital channels to conduct their financial transactions.

 

8. What is a Favara Request?

When a customer initiates a Favara Request, the payee sends a message to the
payer, requesting for a specific amount to be paid to them. The payer can either approve
or reject the request. The approval of the request will result in the initiation of a fund
transfer. Initiation of request to pay itself will not result in a fund transfer unless approved
by the payer

Customers can request for up to MVR 10,000 with each Favara Request.

 

9. What is Favara ID?

Favara ID is a service that allows banks and payment service providers to
register aliases linked to the customers’ account numbers, which can then be used to
initiate payments, instead of adding account numbers. To link your alias to the desired
account number, you will need to register for the service via the digital channel of your
respective service provider.

 

10. What can be used as my Favara ID?

Customers can use the following aliases as their Favara ID to initiate payments,
instead of using Account Numbers. Several aliases may be linked to one account, but
each alias can only be linked to one account at any given time.

• Mobile Phone Number.
• Email Addresses.
• National ID Number.

 

11. Is there a specific mobile application to get the services of Favara?

No, there is no specific mobile application to access the services of Favara.
Customers will access the services of Favara via the digital channels of their respective
banks and payment service providers. Currently, the services are available via the Internet
Banking services and Mobile Applications of Bank of Maldives and Maldives Islamic
Bank, and the Mobile Applications of State Bank of India, Bank of Ceylon and Mauritius
Commercial Bank Maldives.