President Dr. Mohamed Muizzu has ratified the First Amendment to Act No. 8/2021, the National Payment System Act. The amendment was passed during the 26th sitting of the second session of 2025 of the 20th People’s Majlis on 18 August 2025.
The amendment empowers the Maldives Monetary Authority (MMA) with enhanced statutory authority to develop and improve the national payment infrastructure, strengthen the financial system, and introduce innovative payment services through modern technology. Under the amendment, the MMA may establish independent companies or enter into partnerships and joint ventures to fulfill its mandate.
It also stipulates that no person may operate a payment system specified under the Act without a license or authorization from the MMA. Solicitation of such services without approval is prohibited, and the MMA may impose fines ranging from MVR 100,000 to MVR 10,000,000 for violations.
The amendment has been published in the Government Gazette and is now in effect.
The amendment empowers the Maldives Monetary Authority (MMA) with enhanced statutory authority to develop and improve the national payment infrastructure, strengthen the financial system, and introduce innovative payment services through modern technology. Under the amendment, the MMA may establish independent companies or enter into partnerships and joint ventures to fulfill its mandate.
It also stipulates that no person may operate a payment system specified under the Act without a license or authorization from the MMA. Solicitation of such services without approval is prohibited, and the MMA may impose fines ranging from MVR 100,000 to MVR 10,000,000 for violations.
The amendment has been published in the Government Gazette and is now in effect.
