Statistics from the Maldives Monetary Authority (MMA) show that during the past year, 768.5 billion rufiyaa was transferred from one account to another through money transfer services. According to the Payments Bulletin published by MMA, the growth rate of money circulation was maintaine maintained throughout 2024. While the amount of money in circulation in 2023 was 4.1 billion rufiyaa, this figure rose to 4.2 billion rufiyaa in 2024. This represents a 5 percent increase. MMA states that the increase in circulating money is due to the expansion of ATM services. The central bank, MMA, also notes that this is the second consecutive year since 2022 that the total amount of money in circulation has increased.
Cash transactions are conducted using cards at ATMs, POS terminals, and at bank branch counters. In 2024, the number of cash withdrawal transactions reached 8.5 million. Of these, 96% were conducted through ATMs. The remaining transactions were carried out through POS terminals and other means such as cash withdrawals at bank branch counters. MMA statistics show that 34.8 billion rufiyaa was withdrawn as cash in 2024. This amount is 9 percent lower compared to the previous year. In 2023, this figure stood at 34.9 billion rufiyaa. MMA attributes this to a change in public demand for cash usage.
Instead of cash, most people now use account transfers for financial transactions. Account transfer is the process of sending money from one account to another. MMA reports that 132.3 million transactions were made through transfer services last year. The total value of these transactions is 768.5 billion rufiyaa. Of the account transfer transactions made in the Maldives in 2024, 93% were inter-bank transfers. The total value of these was 372 billion rufiyaa. 97% of transfer transactions were made through mobile banking applications. The remaining transfers were made through ATMs and other methods.
As payment habits change and demand for contactless payment methods increases, cards have become one of the most widely used payment instruments in the Maldives. In 2024, the total number of card transactions increased by 26%, with over 80.8 million transactions conducted, according to statistics. The total value of these transactions was 34.8 billion rufiyaa, while in 2023 this figure was 34.7 billion rufiyaa. This represents a 0.2 percent increase.
Card transactions include both domestic and international transactions. Generally, card transactions are conducted through POS terminals and online channels via payment gateways provided by banks. Last year, card transactions through POS terminals increased by 29%, reaching 64.6 million transactions. This accounts for 80% of the total number of card transactions.
