More than 17 million transactions worth MVR 51 billion were processed through Favara last year, according to Maldives Monetary Authority (MMA) in its annual report.

This marks a 123 percent increase compared with the previous year, when an estimated 7.8 million transactions worth MVR 24 billion were recorded in 2024.

Favara, launched in August 2023, is a real-time payment system that allows instant transfers between banks in the Maldives.

The central bank said it is working to expand the use of digital payments through the platform as part of wider efforts to modernize the financial system.

MMA has also signed an agreement with NPCI International Payments Limited to explore linking Favara with India’s Unified Payments Interface (UPI), which would enable cross-border transactions between the two systems.

Officials say the integration is expected to improve payment efficiency and facilitate smoother financial transactions between the Maldives and India.