Three major financial sector development initiatives have been officially launched, marking a significant step towards strengthening financial inclusion and modernising national payment systems.
The initiatives were launched at a ceremony held at Barcelona Nasandhura, attended by President Dr Mohamed Muizzu.
President Muizzu inaugurated the National Financial Inclusion Strategy and the National Finance Roadmap. The strategy is aimed at ensuring access to financial services for all citizens, while the roadmap sets out long-term priorities for the development of the country’s financial sector.
The ceremony also marked the launch of Payment Maldives, which was inaugurated by Governor Ahmed Munawwar. Payment Maldives will be responsible for the operation of retail payment systems, including Favara and the Automated Clearing House (ACH), as well as the continued development of these platforms. Banks and payment service providers will continue to deliver services to customers through these systems.
Officials said the company will play a key role in developing the national payment infrastructure, introducing innovative financial services, and accelerating planned sector-wide development activities. Payment Maldives will also be tasked with increasing financial participation nationwide and establishing and operating a strong and secure national payment system.