Ooredoo granted license for mobile payment service

Central bank – Maldives Monetary Authority (MMA) has granted telecom company Ooredoo Maldives Private Limited license for mobile payment service.

MMA released a statement on Thursday in which it made the announcement, and said that developing the national payment system where people who do not have access to banking services are also provided a safe and speedy system to carryout financial transactions was a top priority of the authority.

MMA noted that almost everyone used mobile phones in the country, and that being able to make financial transactions through mobile phones would be a huge convenience to the people.

And that Ooredoo being granted license to provide mobile payment service would create friendly competition, leading to better offers for customers.

MMA said that it wanted to build a network where all mobile payment service operators are linked.

And that if an additional company started providing mobile payment services, customers of both service operators would be able to transact with each other.