FAVARA Transactions Double to MVR51.4 Billion in 2025

The volume of FAVARA transfers also surged during the year, rising by 123 percent from 7.8 million transactions in 2024 to 17.3 million transactions in 2025.

Mohamed Hilmy

10 May 2026, 06:56

The value of transactions processed through the Maldives Instant Payment System’s (MIPS) FAVARA service more than doubled in 2025, reflecting the rapid adoption of instant digital payments in the Maldives.

According to the Maldives Monetary Authority (MMA), the total value of FAVARA transactions reached MVR51.4 billion in 2025, compared to MVR23.7 billion recorded the previous year.

The volume of FAVARA transfers also surged during the year, rising by 123 percent from 7.8 million transactions in 2024 to 17.3 million transactions in 2025.

In addition, 8,432 FAVARA request transactions were processed throughout the year, with a combined value of MVR10 million.

The MMA said the significant increase highlights the growing public reliance on instant payment services and digital financial solutions.

The expansion of FAVARA has also contributed to broader changes in the country’s payment landscape, including a decline in cheque usage and a shift away from conventional payment methods.

The central bank noted that the increasing use of MIPS and FAVARA supports efforts to modernize the national payment infrastructure by improving efficiency, accessibility and convenience for users across the country.

FAVARA Transactions Double to MVR51.4 Billion in 2025

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