Dhiraagu and Ooredoo Maldives have become the first companies to be granted payment service licenses from Maldives Monetary Authority (MMA) under the new National Payment System Act.
Dhiraagu was granted an electronic money issuance service license, while Ooredoo was granted both electronic money issuance service and remittance licenses. Previously granted mobile payment licenses have now become void.
Moreover, Ooredoo Maldives will now be able to provide outward money transfer service via their M-Faisa app.
MMA is preparing to introduce the ‘United Payment Gateway’ next month which will connect all the financial services in the Maldives under one system or network. MMA is developing the payment system with the assistance of Finland’s TietoEVRY. Customers will be able to use the system to conduct checks and other financial transactions in real-time through a single system.
