Governor Ahmed Munawwar has highlighted that Payment Maldives will significantly strengthen the country’s financial system while making access to finance easier and more inclusive for the Maldivian public. Speaking at the inauguration ceremony of the financial sector development activities, the Governor underscored that the new platform is designed to broaden participation in the formal financial system and to support the country’s broader economic vision, including the tourism and resort industry that underpins much of the Maldives’ growth.
During his address, Governor Munawwar outlined ongoing initiatives to reinforce the resilience and accessibility of the financial sector, with particular focus on ensuring that services reach all segments of society. He noted that special attention is being paid to familiarising young people and schoolchildren with financial systems and digital finance. By building financial literacy from an early age, the Maldives Monetary Authority (MMA) aims to nurture a generation that is comfortable with digital payments and capable of engaging confidently with modern financial products, an important foundation for a service-driven economy anchored by globally recognised resorts.
Governor Munawwar drew attention to the success of Favara, introduced as part of efforts to modernise and strengthen the financial infrastructure. He revealed that last year alone, nearly eight million transactions worth approximately USD 1.49 billion were completed through the platform. He added that this figure has now doubled to around USD 3.11 billion in transactions, reflecting strong public confidence in the ease, speed and reliability of digital payments. This level of usage is particularly significant for the tourism sector, where seamless, real-time payments between guests, resorts, suppliers and staff are essential to maintaining high service standards and an efficient operational environment.
Emphasising the strategic importance of the new platform, Governor Munawwar stressed that Payment Maldives is not merely a payments infrastructure, but a comprehensive ecosystem that brings together banks and fintech service providers. By enabling instant, secure and uninterrupted payment services across the country, Payment Maldives is expected to support the day-to-day financial operations of resorts and guesthouses spread across the atolls, simplifying transactions for international travellers and local businesses alike. The platform is also expected to encourage innovative digital financial solutions tailored to the needs of the tourism industry, such as streamlined guest payments, staff salary disbursements, supplier settlements and integrated travel-related services.
The Governor further stated that Payment Maldives will play a key role in deepening financial inclusion and enhancing access to finance nationwide. The advanced technology that underpins the platform will facilitate the development of new solutions in close collaboration with stakeholders across the financial sector, including partners that directly or indirectly support the resort and hospitality ecosystem. By strengthening digital payments and promoting innovation in digital finance, the system is expected to improve the overall business environment, making it easier for resorts and tourism enterprises to operate efficiently, manage cash flows and reach customers globally.
The event also featured a presentation on the Maldivian Financial Inclusion Journey, delivered by Deputy Governor Aishath Asna Hamdi of the Maldives Monetary Authority. The presentation highlighted the country’s progress in expanding access to financial services and the strategic role that platforms like Payment Maldives and Favara play in supporting inclusive and sustainable economic growth.
As part of the ceremony, H.E. President Dr. Mohamed Muizzu, President of the Republic of Maldives, presented a series of Appreciation Awards to key international partners that have supported the country’s financial sector development. An Appreciation Award was presented to the Alliance for Financial Inclusion in recognition of its technical assistance and support in developing the National Financial Inclusion Strategy. Universiti Islam Selangor received an Appreciation Award for its support in delivering targeted training programmes in Islamic finance, while the United Nations Development Programme was recognised for its continued partnership in strengthening the insurance sector. INCEIF University was honoured for its contribution to capacity building and training in Islamic finance, and the International Finance Corporation received an Appreciation Award for its pivotal role in developing the National Sustainable Finance Roadmap.
Taken together, the Governor’s remarks and the recognition of international partners underscore a clear direction for the Maldives: a modern, digitally enabled financial system that supports inclusive growth and strengthens the foundations of key economic sectors, especially tourism. As Payment Maldives and Favara continue to expand, resorts and tourism enterprises throughout the archipelago stand to benefit from faster, safer and more efficient payment solutions, enhancing the overall experience for visitors and reinforcing the Maldives’ position as a world-class destination for global travellers and investors.
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