President Dr. Mohamed Muizzu has ratified an amendment to the Payment Systems Act aimed at establishing a national payment switch and strengthening the governance, oversight, and monitoring of payment systems in the Maldives.

The amendment was approved by Parliament during the 25th sitting of its second session, held on August 17.

Under the revised law, the Maldives Monetary Authority (MMA) has been granted the authority to designate a system within the Maldivian National Payment System as the country's national payment switch.

Banks and payment service providers operating both within the Maldives and internationally will be required to route payments through the system designated by the MMA.

The institutions must comply with the new requirement within the timeframe specified by the central bank.

The amendment is intended to strengthen the country's payment infrastructure and provide a clearer framework for the management and supervision of national payment services.

Following the President's ratification, the amended legislation was published in the Government Gazette and has officially come into force.