The Maldives Monetary Authority (MMA) has introduced revised capital requirements for Payment Service Providers (PSPs) as part of amendments aimed at strengthening financial resilience and supporting the continued development of the country’s payment services sector.
The amendments to the Regulation on Payment Services were published in the Government Gazette, introducing updated minimum capital thresholds across different categories of licensed payment providers.
Under the revised framework, companies providing electronic money issuance, payment transaction acquiring and remittance services will be required to maintain minimum unimpaired capital of MVR 2 million.
Providers of payment initiation and account information services will meanwhile be required to maintain minimum unimpaired capital of MVR 1 million.
For electronic money issuance services, the minimum requirement has been revised from MVR 500,000 to MVR 2 million.
Payment transaction acquiring and remittance service providers, which previously maintained a minimum of MVR 200,000, will also be required to maintain MVR 2 million.
For payment initiation and account information services, the minimum capital requirement has been revised from MVR 100,000 to MVR 1 million.
MMA said the changes are intended to ensure licensed institutions have sufficient financial capacity to absorb potential operational losses while maintaining continuity of services.
The revised requirements are also aimed at supporting financially sound and responsible operations within the sector, protecting consumers and maintaining public confidence in the Maldivian financial system.
Faster settlement of merchant transactions
The regulatory amendments also introduce a requirement governing the settlement of funds collected through payment acquiring services.
Under the new provision, payment acquiring service providers must ensure transaction proceeds reach the beneficiary’s Maldivian bank account within two business days.
The measure establishes a defined settlement period for merchants receiving payments through acquiring services, providing businesses with greater predictability over when transaction proceeds will become available.
The changes come as digital payments continue to become an increasingly important part of everyday economic activity in the Maldives.
Consumers and businesses now make extensive use of cards, mobile banking, online payments and other digital financial services, increasing the importance of a secure and resilient payment infrastructure.
As the country’s central bank and financial sector regulator, MMA oversees the national payment system and regulates institutions providing payment-related services.
The authority has continued to develop the regulatory environment alongside the expansion of financial technology and digital payment services, with an emphasis on ensuring innovation is accompanied by appropriate safeguards for consumers and the wider financial system.
The latest amendments address both the financial resilience of licensed providers and the efficiency of merchant settlements, as MMA works to strengthen the regulatory foundation supporting the country’s evolving digital payments ecosystem.
