Majlis accepts bill to create national payment switch for Maldives

The People's Majlis has voted to accept a government bill that would create a national payment switch in the Maldives. The vote passed unanimously among the members present.

MP Mohamed Shahid, who represents the Holhudhoo constituency, submitted the bill on behalf of the government. He said the goal is to further strengthen the country's financial infrastructure by setting up a national payment switch and defining the rules for how it will operate.

What the bill proposes

The bill would amend the National Payment System Act. It would give the Maldives Monetary Authority (MMA) the power to designate a specific system within the national payment framework as the official National Payment Switch.

Under the bill, banks and payment service providers would be required to process and route certain payment transactions, both domestic and international, through this designated switch. The MMA would decide which transactions fall under this requirement.

Why the government says it matters

MP Shahid told the Majlis that linking transactions between different banks and payment service providers into a single network would let customers pay easily using one bank's card or digital wallet at another bank's QR code or machine.

He said this would also reduce transaction fees. Routing payments through a central switch would lower reliance on foreign payment networks, he said. He added that handling domestic transactions through a system based in the Maldives would strengthen national security and economic independence.

Cross-party support

Every member who spoke during the debate said the bill was important for the country's payment system.

MP Maroof Zakir, who represents the Kendhoo constituency, said the amendment was a good one. He said strengthening financial infrastructure and improving governance and monitoring of the payment system were both important goals.

What happens next

After the debate, the Majlis voted on whether to accept the bill for further consideration. Members present voted unanimously in favor. The bill has been accepted for committee review. It has not yet passed into law.