President Dr Mohamed Muizzu has ratified the 2nd Amendment to the National Payment System Act (Act No. 8/2021).
The amendment was passed by the People’s Majlis at the 25th sitting of its second session for 2026, held on Monday, 17 August.
The amendment seeks to establish a national payment switch to strengthen the Maldives’ financial infrastructure and enhance the governance and monitoring of national payment systems.
Under the amendment, the Maldives Monetary Authority (MMA) is empowered to designate a system within the Maldivian National Payment System as a national payment switch. Banks and payment service providers operating in the Maldives and abroad will be required to route all payments through the system designated by the MMA and comply with the requirement within a specified period.
The amendment has been published in the Government Gazette and is now in effect.