President Dr Mohamed Muizzu has ratified the First Amendment to Act No. 8/2021 (National Payment System Act).
The Amendment was passed at the 26th sitting of the second session of 2025 of the 20th People’s Majlis, held on Monday, 18 August 2025.
The main objective of this Amendment is to confer upon the Maldives Monetary Authority (MMA) the necessary statutory authority for the development and enhancement of the national payment infrastructure, strengthen the financial system, and facilitate the introduction of innovative payment services through modern technology. To fulfil this mandate, the MMA may establish an independent company or create and enter into partnerships and joint ventures.
The Amendment stipulates that no person shall operate a system specified under the Act unless licensed or otherwise authorised by the MMA. The solicitation and purported solicitation of such services is prohibited, and the MMA is vested with discretion to impose fines for such conduct ranging from MVR 100,000 to MVR 10,000,000.
Following ratification, the Amendment has been published in the Government Gazette and is now in effect.