The Maldives Monetary Authority (MMA) is leading a multi-phased initiative under the Maldives Payment System Development (MPSD) project to transform the payments landscape in the Maldives to enable simple, fast and secure payments. Under this initiative, MMA is currently in the process of implementing an Instant Payment System which would facilitate innovative, convenient, and affordable access to digital financial services.

The primary objective of the project is to ensure that users are able to make and receive payments instantly irrespective of the island they live on or where they bank. With the rapid modernization of the Maldivian economy, we are becoming increasingly interconnected both within and across networks.

The project involves mainly two areas; implementing an Instant Payment System and establishing adequate rules and regulatory framework which would be undertaken simultaneously.

An all inclusive instant payments system will be fast,
easy to use, open and safe, promote innovation and
will deliver better services to Maldivians.


The Maldives Payment System Development (MPSD) is a multi-phase initiative by the MMA to address key needs of the Maldivian economy. Increasing the end-to-end speed of payments while ensuring the efficiency and safety of the payments system is given primary importance. With the future of payments in mind, the system will be open and flexible to accommodate and foster innovation and competition in the Maldivian payments space.



Banks Banks Businesses Individuals

Infrastructure in detail


The second phase of the project will be the development of a Payment Platform, which will allow users to make and receive payments instantly irrespective of where they hold their bank accounts in the Maldives through the use of a mobile application.

The Payment Platform will allow for funds to be transferred between wallets and bank accounts in a variety of ways.

Payment platform in detail


The new infrastructure opens a world of possibilities for the development of the Maldivian payment ecosystem and will act as a catalyst for innovation. To this end, the system will create opportunities for players in the payment market to develop overlay services that will provide innovative payment services to their customers – leading to a greatly enhanced customer experience in the Maldives.

Solution For Regular Payments

The system would allow for billers, such as utility service providers, landlords, government agencies, to request payment from their customer, rather than sending an invoice.

Digital and integrated solutions in detail

Contact Us

Maldives Monetary Authority

Majeedhee Building

Boduthakurufaanu Magu

Malé 20182

Republic of Maldives

Phone: (960) 3314940 / (960) 3339880