The Maldives Monetary Authority (MMA) has reported that the Maldives Instant Payment System, Favara, facilitated over MVR 10 million transactions.
MMA, the country's central bank, launched the Favara system to improve instant inter-bank and intra-bank fund transfers. The central bank has reported a total of 3,678 transactions, amounting to MVR 10.6 million, conducted through the system.
The system was initially launched with three commercial banks on board: Bank of Maldives (BML), Maldives Islamic Bank (MIB), and State Bank of India (SBI). The Maldives Monetary Authority (MMA) mentioned that it is currently in the process of bringing other commercial banks on board the system as well.
In addition to the system launch, the MMA has also mentioned that they are working on the development of a designated software application.
The current maximum transfer limit through Favara is set at MVR 50,000 while the maximum Favara Request amount is MVR 5,000.
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