Expanding Horizons: Bank of Ceylon and MCB Join Maldives Instant Payment System

In a significant expansion of financial services, the Maldives Monetary Authority (MMA) announced the incorporation of two new participants into the Favara Instant Payment System. Following successful pilot testing, Bank of Ceylon (BOC) and Mauritius Commercial Bank (Maldives) Private Limited (MCB) are now fully onboarded. As of Sunday, customers of BOC and MCB Maldives gain access to the complete spectrum of Favara services, including Transfers, Requests, ID verification, and Recalls. This development further amplifies the convenience and accessibility of the Favara instant payment system, now operational through five banks, encompassing Bank of Maldives (BML), Maldives Islamic Bank (MIB), and State Bank of India (SBI).