The Maldives Monetary Authority (MMA) said transactions worth MVR 51 billion were processed through its payment system in 2024.

According to the MMA annual report, this marks a 123 percent increase compared to the previous year.

MMA introduced the Favara payment system in 2023 to allow money transfers between banks. The authority said MVR 24 billion worth of transactions were carried out through Favara alone in 2024, totaling 7.8 million transactions.

The figures reflect the growing use of digital payment services in the Maldives.