New national payment system expected for next October

Governor of Maldives Monetary Authority (MMA), Ali Hashim. (File Photo/Sun/Fayaz Moosa)

The Governor of Maldives Monetary Authority (MMA) has announced that the Maldives will be utilizing a new national payment system starting from October next year. 

Governor Ali Hashim was speaking in the parliament today regarding the government proposed payment system and payment services bill presented by MP for Dhidhdhoo Abdulla Waheed. Governor Hashim said that the idea of implementing a new payment system had been around for years. 

“The delay was due to experts who couldn’t come to the Maldives due to COVID-19 restrictions. We are hoping that we can make the system fully live by October next year.” Said the Governor. 

The Governor added that the payment system would connect banks and payment sector individuals through a single system while speaking on the importance of such a system which would in turn assist in decentralization. 

The system would guarantee safety for citizens and bring everyone onto the same platform. The standard ISO would be 222 and will bring convenience in connecting systems of other nations. 

“One language will be used for communication. So, the services you are expecting, it will be easier to connect with international services.” Said Governor Ali Hashim. 

The bill regarding the national payment system includes policies to regulate payment services and establish a national system for processing, transfer, and receiving of local and foreign currency. The bill will increase competitiveness among businesses on equal terms.