Dhiraagu and Ooredoo issued Payment Service Provider’s License

Local telecommunication companies, Dhiraagu and Ooredoo, have been issued Payment Service Provider’s License under the National Payment System Act.

Maldives Monetary Authority (MMA) which regulates the National Payment System, confirmed today that the license was issued to the companies on January 18.

They further detailed that Dhiraagu had been granted the license to issue electronic money – whereas Ooredoo has been granted license to issue electronic money in addition to license to provide payment service required for remittance service.

Ooreddo’s remittance service is designed to wire money abroad via the company’s m-Faisaa mobile wallet.

National Payment System Act was passed and enacted last year. Subsequently, MMA, in December, opened applications for payment system operators to register with them.

With the issuance of the license to Dhiraagu and Ooredoo under the new Act – the licenses previously issued to the companies will now be void.