Vice President Faisal Naseem has highlighted the importance of establishing housing finance banks in the Maldives.
VP Faisal made the remarks while speaking at the ceremony held at Crossroads Maldives to launch ‘Favara’, the online instant payment system developed by the Maldives Monetary Authority (MMA) under the Maldives Payment System Development project.
He said that the Maldivian financial sector requires expansion and establishment of new banks facilitating housing finances easily for the customers who require them. The vice president further said that Maldives required additional banks, specially providing housing finance instruments, to address the difficulties in social housing units and flats.
“Where is the money for that. Which banks allow billions of dollars in loans. We need more [banks], and Maldives is a popular [investment] destination, it is also popular among world leaders, they accept us and trust us,” VP Faisal said.
The Vice President's remark comes in light of the current government's announcement of granting 13,000 housing units to 19,000 beneficiaries.
During the event, the vice president highlighted the government's goal of doubling the economy's size and enhancing business prospects. Commemorating the launch of the 'Favara' instant payment system, designed to enhance accessibility to digital banking services, he emphasized the significance of embracing technological progress.
He further said the new intra-bank and inter-bank instant payment system will revolutionize the financial sector and help with the development of the Maldives economy.
"Further efforts are needed to enhance accessibility to financial services, including transactions and loans," VP Faisal said.
Naseem emphasized the significance of bolstering the financial system by addressing its challenges and limitations. He highlighted the necessity of collaboration across all sectors to contribute towards national economic progress.
Sign In