Transactions Worth MVR 23 Billion Made on Favara by End of 2024

Transactions valued at over MVR 23 billion were conducted through Favara, the Maldives’ instant payment system, by the end of 2024, according to the latest Payment Bulletin released by the Maldives Monetary Authority (MMA).

The central bank reported that a total of 7.7 million transactions were carried out since the service was introduced in the last quarter of 2023. The combined value of these transactions stood at MVR 23.7 billion, reflecting the rapid adoption of the system across the country.

Favara allows instant transfers between banks and includes features such as Favara Request, which enables individuals and businesses to send payment requests directly to payees, making it particularly useful for businesses to collect payments from customers. Unlike other payment platforms in the Maldives, Favara also includes a Recall option, which allows users to cancel transactions if funds are transferred to the wrong account. MMA revealed that in 2024, more than MVR 800,000 was retrieved through 304 transactions using this function.

Transaction limits were initially capped at MVR 50,000 for deposits and MVR 5,000 for payment requests when the service launched. However, in March 2024, these limits were raised to MVR 200,000 and MVR 10,000 respectively, expanding the system’s utility for both individuals and businesses.

The introduction of Favara ID has further enhanced accessibility, allowing customers to link their bank accounts to phone numbers, email addresses, or ID card numbers. MMA reported that the number of users registered for Favara ID grew significantly in 2024, with 17,000 new registrations — an 80 percent increase compared to the previous year.

Launched in August 2023 with three banks, Favara expanded to five banks by the end of 2024, marking a major step in the country’s digital payment transformation.