Maldives Monetary Authority (MMA) reported on Sunday, December 10, that two additional banks have been onboarded as participants of Favara - the Maldives Instant Payment System.
MMA reports the addition of Bank of Ceylon (BOC) and Mauritius Commercial Bank (Maldives) Private Limited (MCB) as the two new participants, following the successful completion of the pilot testing phase and all necessary arrangements required from them.
Effective Sunday, all customers of BOC and MCB Maldives can access all the services of Favara, inclusive of Favara Transfers, Favara Request, Favara ID, and Favara Recall.
With the inclusion of BOC and MCB Maldives, the Favara instant payment system services are now available through a total of five banks including the Bank of Maldives (BML), Maldives Islamic Bank (MIB), and State Bank of India (SBI).
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