MVR 15 billion in Favara instant payment system's first year
During the year, 5 million transactions were made to send money from one bank to another.
The central bank's Favara internet payment system, which includes instant deposit of money from one bank to another, has received MVR 15 billion in transactions in a year, the Maldives Monetary Authority (MMA) said on Monday.
The MMA introduced the system on August 26, 2023.
The service turned a year old on Monday and five banks have participated in the system, which allows people to send money instantly from one bank to another through.
According to the statistics released by the MMA:
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During the year, 5 million transactions were made to send money from one bank to another
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The transactions involved MVR 15 billion
The banks participating in the Favara are:
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Bank of Maldives (BML)
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Maldives Islamic Bank (MIB)
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State Bank of India (SBI)
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Mauritius Commercial Bank (MCB)
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Bank of Ceylon (BOC)
