Three additional entities have officially joined the central bank, Maldives Monetary Authority (MMA)'s instant payment system, Favara.
The new participants include Habib Bank Limited (HBL), Commercial Bank of Maldives Pvt Ltd (CBM), and Dhiraagu Fintech Pvt Ltd (Dhiraagu Fintech. Dhiraagu Fintech becomes the first non-bank payment service provider to integrate with Favara.
According to MMA, all three entities have successfully completed the final preparations to join Favara and completed the pilot testing phase. Therefore, all customers using HBL, CBM and Dhiraagu Fintech services will now be able to access Favara services, including Favara Transfer, Favara Request, Favara ID and Favara Recall.
With HBL and CBM joining Favara, all the banks providing banking services in the Maldives are now onboard the system. MMA said this integration allows for seamless and instant transactions between banks.
MMA revealed that efforts are already underway to onboard additional payment service providers to the Favara system.