A transformative step forward in digital finance has been achieved with Ooredoo Fintech Maldives receiving official authorization from the Maldives Monetary Authority (MMA) to facilitate inward international remittances directly into local digital wallets. This new license enables the m-Faisaa platform, Ooredoo’s proprietary mobile money service—to accept funds from overseas, opening a new chapter in financial accessibility for individuals and businesses across the Maldives.
The license was formally conferred during a ceremony held at MMA headquarters in Malé. The event was officiated by Governor of MMA, Mr. Ahmed Munawwar, who handed over the regulatory approval to Fatima Al Kuwari, Chairperson of Ooredoo Maldives and Board Member of Ooredoo Fintech Maldives, alongside Mr. Khalid Al-Hamadi, Chief Executive Officer and Managing Director of Ooredoo Maldives.
This initiative is expected to benefit a wide spectrum of users including freelancers, entrepreneurs, and households dependent on international income. Traditionally, cross-border remittances involved several intermediaries and often incurred delays or fees. With this new development, users can receive money from abroad directly into their m-Faisaa digital wallets, offering a faster, more affordable, and secure alternative to conventional remittance services.
Speaking at the ceremony, Mr. Khalid Al-Hamadi emphasized that the new license aligns with Ooredoo’s commitment to supporting the MMA’s vision of a digitally enabled and cash-lite economy. He noted that m-Faisaa has already become an integral part of the country’s digital infrastructure, with services that include mobile bill payments, QR-based merchant transactions, and domestic fund transfers. The addition of international remittance capabilities further solidifies m-Faisaa’s role in promoting financial inclusion in the Maldives.
He further explained that this advancement is not limited to local impact alone. It contributes to Ooredoo’s broader fintech strategy, which spans multiple regions across the Middle East, North Africa, and Southeast Asia. By expanding the capabilities of m-Faisaa to accept international transfers, the company continues to build a robust ecosystem aimed at empowering users with convenient financial tools regardless of geographical barriers.
The introduction of inward remittances also offers a timely solution for Maldivians living abroad who wish to support their families back home, as well as for expatriates working in the country seeking efficient ways to manage international payments. In a nation where over 70% of the population is digitally connected via smartphones, and mobile money services are rapidly gaining traction, the integration of such services reflects evolving consumer behavior and technological readiness.
The Maldives has seen a steady increase in digital payment adoption in recent years, driven by a surge in mobile penetration and government-backed initiatives for financial digitization. The Central Bank’s continued support for fintech innovations such as this latest move further demonstrates national readiness to foster a secure and inclusive digital economy.
Ooredoo Fintech Maldives’ newly obtained inward remittance license marks a notable progression in the financial services sector, reflecting the collaborative efforts between regulators and private sector leaders to make everyday transactions easier, safer, and more efficient for the people of the Maldives.
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