President Dr. Mohamed Muizzu has ratified the second amendment to the National Payment System Act, aimed at strengthening the financial infrastructure of the Maldives through the establishment of a National Payment Switch. Under this legislation, the Maldives Monetary Authority (MMA) is empowered to designate the National Payment Switch. Furthermore, banks and payment service providers are mandated to integrate with this system and route transactions in accordance with the regulations prescribed by the MMA. This amendment has come into effect following its publication in the Government Gazette.
