Favara transfer limit increased to MVR 200,000

The transfer limited under Maldives Payment System Development Projects’ instant payment system ‘Favara’ has been increased MVR 200,000 effective of today.

Prior to this, the transfer limit had been capped at MVR 50,000. With this change, up to MVR 200,000 can be transferred between banks via Favara.

Apart from this, the Favara request limit has also been increased from MVR 5,000 to MVR 10,000.

Launched on August 26, Favara was developed by the Maldives Monetary Authority (MMA) under the Maldives Payment System Development (MPSD) project, to facilitate fast, convenient and secure payment services in the Maldives.

The services of Favara are now available through a total of five banks in the Maldives; Bank of Maldives (BML), Maldives Islamic Bank (MIB), State Bank of India (SBI), Bank of Ceylon (BOC) and Mauritius Commercial Bank (MCB).