With the signing of the agreement, FahiPay becomes the second non-bank payment service provider to be onboarded to Favara, the Maldives’ national instant payment system. This achievement represents an important step towards expanding access to digital payment services and strengthening the country’s financial technology landscape.

The agreement establishes the framework for FahiPay’s participation in the Favara – Maldives Instant Payment System (MIPS), enabling the company to work towards integrating its services with the national payment infrastructure.

Commenting on the milestone, Ali Arif, Managing Director and Co-founder of FahiPay, said:

“Joining Favara is an important milestone for FahiPay and a significant step forward in our commitment to making digital payments more accessible and convenient for people and businesses across the Maldives. Being among the first non-bank payment service providers to join this national initiative reflects our ambition to contribute to a more inclusive, connected and efficient digital payment ecosystem. We look forward to completing the pilot phase and bringing Favara-enabled services to our users.”

Following the signing, FahiPay will focus on completing pilot testing and finalising the technical and operational arrangements required to introduce Favara services to its users. These activities will ensure that the integration is thoroughly tested and ready for a seamless user experience ahead of the service rollout.

The onboarding of FahiPay to Favara also reflects the growing role of non-bank payment service providers in advancing financial inclusion and supporting innovation in the Maldives’ financial services sector.

As the country continues to strengthen its digital financial infrastructure, FahiPay remains committed to developing solutions that make everyday transactions simpler, faster and more accessible.

This is another step towards a more connected digital payment ecosystem for the Maldives.