Favara, the Maldives' instant payment system, has expanded its network by onboarding three new service providers: Habib Bank Limited (HBL), Commercial Bank of Maldives (CBM), and Dhiraagu Fintech Private Limited. Notably, Dhiraagu Fintech becomes the first non-bank payment service provider (PSP) to integrate with Favara.
Following successful pilot testing and completion of necessary requirements, customers of HBL, CBM, and Dhiraagu Fintech now have access to Favara's full suite of services, including Favara Transfers, Favara Request, Favara ID, and Favara Recall.
This milestone means that all banks operating in the Maldives are now connected to Favara, ensuring seamless transactions across financial institutions. Additionally, more PSPs are in the final stages of integrating with the system, further enhancing digital payment accessibility.
Favara is the Maldives' instant payment system, designed to enable seamless, real-time transactions between financial institutions. Launched by the Maldives Monetary Authority (MMA), it allows individuals and businesses to transfer money instantly across different banks and financial service providers.