Central bank sets up Payment Maldives to oversee payment reforms

The Maldives Monetary Authority (MMA) has established a new company, Payment Maldives, to strengthen and update the national payment system.

The company was launched by MMA Governor Ahmed Munawwar at a ceremony held on Monday at Barceló Nasandhura Malé, marking the start of the central bank’s financial sector development initiatives.

In a statement, the MMA said Payment Maldives will support its efforts to improve payment infrastructure in the Maldives. The company will work with banks and other financial institutions operating in the country to support the payment ecosystem.

According to the MMA, Payment Maldives will focus on operating retail payment systems, leading sector development projects, expanding financial inclusion, and supporting digital financial innovation.

The authority said the initiative aligns with government policy to promote a creative economy, with greater use of technology in financial services and the introduction of new digital payment models.

While the company’s initial work began in the area of waste management payments, it will also develop and introduce additional payment solutions.

Speaking at the launch, Munawwar said all banks and payment service providers in the Maldives have been invited to participate in Payment Maldives as equity partners.

He also said the MMA is working with payment service providers to implement the national QR code system, Pay MV. Munawwar said efforts are under way to complete the National QR Code Standard in collaboration with all financial institutions by April next year.