Two additional banks on-boarded as participants of Favara

Two additional banks have been on-boarded today as participants of Favara – the Maldives Instant Payment System developed under the Maldives Payment System Development (MPSD) project, to facilitate fast, convenient and secure payment services in the Maldives.

Bank of Ceylon (BOC) and Mauritius Commercial Bank (Maldives) Private Limited (MCB), were the two new participants, following the successful completion of the pilot testing phase and all necessary arrangements required from them.

Now all the customers of BOC and MCB Maldives can access all the services of Favara, inclusive of Favara Transfers, Favara Request, Favara ID and Favara Recal.

Along with these two additional Participants, the services of Favara are now available through a total of 5 banks in the Maldives – including Bank of Maldives, Maldives Islamic Bank and State Bank of India.