The Maldives Monetary Authority (MMA) has lifted the license restriction of Island Financial Services, operated by Villa Company.
MMA withheld the license of Island Financial Services Pvt. Ltd., suspending its Weston Union money transfer service on August 8.
Villa said the license was withheld to make changes to Western Union’s local application.
The MMA said they lifted the suspension of Island Financial Services Pvt Ltd’s payment service license on August 18, allowing them to provide remittance services. Island Financial Services has resumed Western Union services following the lifting of the suspension.
Western Union is a popular service for sending money abroad.