President Ibrahim Mohamed Solih has today ratified the national payment system bill.
The newly-ratified Act confers all powers of overseeing and regulating the National Payment System to the Maldives Monetary Authority (MMA). MMA would also be responsible for enforcing the law.
The legislation seeks to improve the existing national payment system, and govern its operations. It also provides ways to establish inter-operability amongst payment systems, clearing systems, installment systems and relevant bodies that provide similar services. Further, prioritises maintaining the confidentiality of customers and outlines a framework for fulfilling this purpose.
Parliament passed the National Payment System Bill on April 27, 2021.