The transfer limit from the Maldives Monetary Authority's (MMA) modern national payment system that enables instant money transfers between banks has been raised to MVR 200,000.
In an announcement made today on its X account, Favara said that the transaction limit has been raised with effect on Sunday. The increased limits include:
- Favara transfer - up to MVR 200,000
- Favara request to pay - up to MVR 10,000
The Favara system's services include instant payments, request to pay, smart addressing and account verification.
The Favara service is currently available from the Bank of Maldives (BML), Maldives Islamic Bank (MIB), State Bank of India (SBI), Bank of Ceylon and Mauritius Commercial Bank.
According to the MMA, 'Favara' is the biggest recent change to the country's payment structure, assuring security, convenience and innovative changes to the financial system.
