Dhiraagu Pay, 2 banks join instant payment system Favara
With the addition of HBL and CBM, all banks providing banking services in the Maldives are now part of the system.
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Dhiraagu Pay and two banks have joined the instant payment system 'Favara' introduced by the Maldives Monetary Authority (MMA), enabling instant fund transfers between banks.
The MMA announced on Tuesday that three new members have joined the service, including:
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Dhiraagu Fintech, which provides Dhiraagu Pay services
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Habib Bank
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Commercial Bank of Maldives (CBM)
MMA stated that Dhiraagu Fintech is the first non-bank payment service provider to be part of Favara.
The three newly added service providers have completed the final preparations and pilot testing phase for the system.
With their integration into the instant payment system, customers of these entities will have access to Favara services, including Favara Transfer, Favara Request, Favara ID, and Favara Recall.
With the addition of HBL and CBM, all banks providing banking services in the Maldives are now part of the system.
MMA stated that other payment service providers are in the process of joining the system.
