MMA seeks technical consultant for Payment System Project

Maldives Monetary Authority (MMA) is seeking technical consultants for the Maldives Payment Systems Development project.

The Maldives Payment System Development (MPSD) is a multi-phase initiative by the MMA to address key needs of the Maldivian economy. The primary objective of the project is to ensure that users are able to make and receive payments instantly irrespective of the island they live on or where they bank.

MMA said it is seeking consultants to implement the Payment Platform being developed under MPSD. Those interested to work as Payment System Consultants may express their interest to MMA before August 1.

MMA hopes to implement the system sometime this year. The central bank signed an agreement in November 2020 with TietoEVRY to implement the system. The National Payment System Act, which seeks to improve the existing national payment system, and govern its operations, was signed into law in May 2021. It provides ways to establish inter-operability amongst payment systems, clearing systems, installment systems and relevant bodies that provide similar services. The legislation further prioritises maintaining the confidentiality of customers and outlines a framework for fulfilling this purpose. It further aims to promote healthy competition amongst service providers.