MMA Issues First two Payment Providers’ License.

Under the new National Payment System Act, Ooredoo Maldives and Dhiraagu have been Issued Payment Providers’ Licenses from Maldives Monetary Authority (MMA). The two telecom companies were granted the license on the 18^th of this month so that they can issue electronic money. And Ooredoo Maldives was also given a license to provide payment services that are required for remittance service.

With the new licenses which are provided under the new Act, all previous licenses will be null and void.

The license for remittance payment Ooredoo Maldives was given is designed to wire money abroad through the company’s m-Faisaa mobile wallet.

MMA opened applications for payment system operators to register with them in December of 2021, which was when the National Payment System Act was passed and enacted.