FahiPay set to become second non-bank payment provider on Favara

FahiPay to become second non-bank payment provider on Favara

FahiPay has signed a Favara Participation Agreement with the MMA and will undergo pilot testing before beginning operations as the instant payment system’s second non-bank payment service provider.

Mohamed Hilmy

08 November 2026, 11:32

FahiPay is set to become the second non-bank payment service provider to participate in Favara, after signing a participation agreement with the Maldives Monetary Authority (MMA).

The agreement was signed on Sunday, marking the next stage in FahiPay’s onboarding to the Maldives’ instant payment system.

FahiPay will now complete pilot testing and finalise the necessary arrangements before beginning operations as a participant in Favara.

The addition of FahiPay will further expand non-bank participation in the national instant payment infrastructure. Dhiraagu Fintech, which operates DhiraaguPay, became the first non-bank payment service provider to participate in Favara in January 2025.

Favara was launched by the MMA in August 2023 to facilitate instant inter-bank payments and expand access to fast and convenient digital payment services in the Maldives.

FahiPay to become second non-bank payment provider on Favara

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