Three New Service Providers Join Favara Instant Payment System

The Maldives Instant Payment System, Favara, has expanded its network with the onboarding of three new service providers—Habib Bank Limited (HBL), Commercial Bank of Maldives (CBM), and Dhiraagu Fi...

Mohamed Hilmy

29 January 2025, 00:00

The Maldives Instant Payment System, Favara, has expanded its network with the onboarding of three new service providers—Habib Bank Limited (HBL), Commercial Bank of Maldives (CBM), and Dhiraagu Fintech Private Limited (Dhiraagu Fintech)—the Maldives Monetary Authority (MMA) announced today.

This development marks a major milestone as Dhiraagu Fintech becomes the first non-bank payment service provider (PSP) to join Favara. All three participants successfully completed pilot testing and met the necessary prerequisites before their official onboarding.

With this expansion, customers of HBL, CBM, and Dhiraagu Fintech can now access Favara's full suite of services, including Favara Transfers, Favara Request, Favara ID, and Favara Recall. The move also solidifies Favara’s presence across the Maldivian banking sector, as all banks operating in the country are now part of the system—enabling seamless transactions between any bank accounts.

The MMA also revealed that additional PSPs are in the process of integrating with Favara, further broadening the system’s accessibility and financial inclusivity in the Maldives.

Three New Service Providers Join Favara Instant Payment System

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