By 2024 end, MVR 23 billion worth transactions made on Favara

Statistics from central bank Maldives Monetary Authority (MMA) indicate that as of the end of 2024, transactions worth MVR 23 billion were made on Favara, the instant payment system allowing transfers between banks. 

The 2024 Payment Bulletin released by MMA show that after Favara services were introduced in the last quarter of 2023, a total of 7.7 million transactions have been conducted. 

The central bank said that the total value of these transactions come to MVR 23.7 billion. 

The intended recipient can send a payment request to the payee through Favara request. This service allows individuals, as well as businesses, to send payment requests, providing convenience for businesses to arrange payment from customers. 

Unlike other online payment systems in use in the Maldives, Favara has a recall option, allowing transaction cancellation in the instance that money is transferred to a wrong account. 

MMA said that over MVR 800,000 was retrieved last year in 304 transactions on Favara Recall. 

Initially, Favara allowed deposits of up to MVR 50,000 and payment requests of up to MVR 5000. In March last year, these amounts were increased to MVR 200,000 and MVR 10,000 respectively. 

With the introduction of Favara ID, customers can now link bank accounts to phone numbers, email addresses or ID card numbers. 

MMA said that the number of persons registered for this service has increased by 80 percent compared to 2023. Last year alone, 17,000 persons newly registered on Favara ID. 

Favara was introduced with three banks in August 2023. By the end of 2024, Favara services were expanded to include five banks.