Maldives Monetary Authority (MMA) has said that MVR 15 billion worth of transactions have been made through the Central Bank's instant payment system, Favara.

Favara was established as part of MMA's payment system development project to facilitate easy, quick and safe payment services in the Maldives. The service was launched on August 26 , 2023.

According to MMA data, the service has overseen over MVR 15 billion transactions.

Favara service is currently available through five banks including Bank of Maldives (BML), Maldives Islamic Bank (MIB), State Bank of India (SBI), Mauritius Commercial Bank (MCB) and Bank of Ceylon (BOC).