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MMA launches 'Favara'

Male' - August 26, 2023: Maldives Monetary Authority (MMA) launches the Maldives Instant Payment System, "Favara" that allows instant intra-bank and inter-bank fund transfers. The online instant payment system was officially inaugurated by Vice President Faisal Naseem. The system's name "Favara" uses the initial letters of 'Faseyha' (Easy), 'Vaguthun' (Prompt), and 'Rakkaatheri' (Secure). A total of three Maldives banks have onboarded as partners while more banks are currently in the process of getting onboarded. All the respective internet/mobile banking applications of the onboarded banks will be upgraded coinciding with the instant payment system's launch-- Photo: Fayaz Moosa | Mihaaru

A video presentation delivered crucial information about the 'Favara' instant payment system including its features-- Photo: Fayaz Moosa | Mihaaru

Vice President Faisal Naseem and MMA Governor Ali Hashim at the ceremony held to launch 'Favara'-- Photo: Fayaz Moosa | Mihaaru

MMA Governor Ali Hashim at the 'Favara' instant payment system inauguration ceremony-- Photo: Fayaz Moosa | Mihaaru

Bank officials were in attendance of the ceremony held to launch the Maldives Instant Payment System which aims to facilitate easy, prompt, and secure inter-bank and intra-bank transfers-- Photo: Fayaz Moosa | Mihaaru

Several bank officials were in the attendance of the ceremony held to launch the instant payment system-- Photo: Fayaz Moosa | Mihaaru

MMA Assistant Governor Mariyam Hussain Didi speaks at the ceremony held to launch the instant payment system-- Photo: Fayaz Moosa | Mihaaru

Minister of Tourism Dr. Abdulla Mausoom attended the ceremony held to launch 'Favara'-- Photo: Fayaz Moosa | Mihaaru

Vice President Faisal Naseem with MMA Governor Ali Hashim, officially inaugurates the Maldives Instant Payment system developed by the central bank to enhance inter-bank and intra-bank fund transfers-- Photo: Fayaz Moosa | Mihaaru

Vice President Faisal Naseem officially launched the 'Favara' instant payment system. At the ceremony, Naseem emphasized the importance of adapting to technological advancements-- Photo: Fayaz Moosa | Mihaaru

Indian Ambassador to the Maldives Munu Mahawar and Japanese Ambassador to the Maldives Takeuchi Midori attended the ceremony held to launch the Maldives Instant Payment System-- Photo: Fayaz Moosa | Mihaaru

Auditor General Hussain Niyazi attended the ceremony held to launch 'Favara' instant payment system-- Photo: Fayaz Moosa | Mihaaru

Senior officials of local commercial banks attending the ceremony held to launch 'Favara'-- Photo: Fayaz Moosa | Mihaaru

Capital Market Development Authority (CMDA) CEO at the ceremony held to launch 'Favara' instant payment system developed by MMA-- Photo: Fayaz Moosa | Mihaaru

Governor Ali Hashim speaks at the ceremony held to launch 'Favara' instant payment system-- Photo: Fayaz Moosa | Mihaaru

Vice President Faisal Naseem along with MMA senior officials after concluding Saturday evening's ceremony held to launch the Maldives Instant Payment System, "Favara"-- Photo: Fayaz Moosa | Mihaaru

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