License fee for remittance business, consumer finance increased

Maldives Monetary Authority (MMA) has announced an increase in license fee for money remittance business and consumer finance in the country.

According to MMA, the license fee for money remittance business will be MVR 30,000, starting this Thursday, March 2.

The license fee for such businesses had previously been MVR 5,000.

Meanwhile, license fee for consumer finance – including leasing and housing finance – has been increased from MVR 30,000 to MVR 50,000.

The increase follows amendments to the section in regulation for fees and charges for financial institution which states the application fees.

According to the section, the license fee for banking services is MVR 150,000; the license fee for insurance businesses is MVR 50,000; and the license fee for insurance brokers is MVR 30,000.

The license fee for all insurance agents except for compulsory insurance agents is MVR 10,000, and the compulsory insurance agent license fee is MVR 1,000.