Favara Instant Payment System Processes USD 6.49 Billion in Digital Transactions

The Maldives Instant Payment System, known as ‘Favara,’ has reached a significant financial milestone, processing a total of USD 6.49 billion (MVR 100 billion) in transactions since its inception. The announcement was made by Payment Maldives Private Limited, a subsidiary of the Maldives Monetary Authority (MMA). Launched on August 26, 2023, Favara was developed to provide a secure and rapid digital architecture for the nation's financial ecosystem. The system allows for the instantaneous transfer of funds between different domestic banking institutions, reducing the time and friction associated with traditional interbank transfers. Mariyam Shaba, the Chief Operating Officer and Acting CEO of Payment Maldives, highlighted the system's rapid adoption in an interview with PSM News. She noted that the platform now handles an average of 71,000 transactions daily, reflecting a strong shift toward digital finance across the archipelago. Beyond simple transfers, the platform is designed to foster financial inclusion. By extending accessibility to account holders at all domestic banks and targeting unbanked populations, Favara aims to ensure that modern digital financial tools are distributed equitably across the Maldives. Currently, the system enables private individuals and commercial enterprises to execute transactions and issue bills through an integrated request feature. Payment Maldives confirmed that operational efforts are ongoing to further expand the suite of services available to users. For those seeking more information on the evolving payment ecosystem, the Maldives Monetary Authority is hosting an informational stall at the Maldives Financial Expo 2026, located at Hulhumalé Central Park. The event provides a platform for the public and businesses to engage with the technical architecture driving the country's digital economy.