First Amendment to National Payment System Act ratified

President Dr Mohamed Muizzu has ratified the First Amendment to the National Payment System Act.

The Amendment, passed by the People’s Majlis on 18 August 2025, grants the Maldives Monetary Authority (MMA) greater statutory authority to strengthen the country’s financial system. It enables the MMA to enhance national payment infrastructure and introduce modern, technology-driven payment services.

Under the new provisions, the MMA may establish independent companies or enter into partnerships and joint ventures to carry out its mandate. The Amendment also stipulates that no person may operate payment systems specified under the Act without a licence or authorisation from the MMA.

Unlicensed operations or solicitations of such services are prohibited, with fines ranging from MVR 100,000 to MVR 10 million for violations.

Following ratification, the Amendment has been published in the Government Gazette and is now in effect.