MMA requests info of e-money service providers

Central Bank Maldives Monetary Authority has requested service providers of e-money to provide information regarding the business.

MMA issued an announcement today which read that it was working to develop and secure the national payment system of the country. This included the formation of the legal and regulatory framework to protect customers and service providers that provide payment services through technological and digital means.

The bank especially requested those service providers of electronic money, payment services through e-money, services of payment transaction acquirers as well as other money transfer or payment account connect services to share information to the central bank. 

MMA is currently regulating mobile payment services, card issuing, and card acquiring, payment instrument issuing, and settlement system services. The bank noted that further such payment services had been identified as active in the country and for the formation of the legal framework for this, information related to such service providers were needed.

Service providers are to send details of the business to the central bank before August 25, 2020, 14:00 via [email protected].

Details to be provided are:

• Name of payment service providers
• Contact details to enquire further information.
• Contact number and email details,

MMA said that any information shared with the central bank will be kept strictly confidential.