To strengthen the financial infrastructure of the Maldives, the People’s Majlis has resolved to amend the “National Payment System Act” to facilitate the establishment of a National Payment Switch. Under this amendment, all transactions conducted by banks and payment service providers will be routed through a centralized system designated by the Maldives Monetary Authority (MMA). This initiative aims to streamline interbank transactions and reduce associated service fees. Furthermore, it represents a strategic step toward ensuring national security and economic sovereignty by reducing dependency on foreign payment networks. The bill has been unanimously accepted by the members of the Parliament.
