First Amendment to the Regulation on Payment Services

Regulation Number: 2026/R-74

• For publication in the Official Gazette
  legalaffairs@po.gov.mv
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  Website: www.gazette.gov.mv
  Date: 21 Rabi' al-Awwal 1448 – 3 September 2026 | Number: 138 | Volume: 55

Regulation Number (2022/R-42) on Payment Services First Amendment to the Regulation

Volume: 55 Number: 138 Regulation Number: 2026/R-74 Dhivehi Government Gazette 3

Maldives Monetary Authority
Malé, Maldives

Regulation Number (2022/R-42) on Payment Services First Amendment to the Regulation

The Regulation Number (2022/R-42) on Payment Services is hereby amended as follows.

1. Article 3 of the said Regulation is hereby amended as follows.
   For the purpose of banks
   Applicable Articles
   3. Banks operating under the Maldives Banking Act, providing payment services with a license, this regulation does not apply to such banks. However, banks operating with a license from the Authority, providing payment transaction aggregation services among banks, shall comply with Article 17 of this Regulation. And banks licensed to provide electronic money issuance services, banks providing payment services to customer parties, such banks as per Article 20 and Article 21 of this Regulation, shall comply with the matters specified for compliance.

2. Sub-article (b) of Article 17 of the said Regulation is hereby amended as follows, and the following sub-article is added after it as sub-article (n).
   (b) 17. The Authority shall establish a framework for the implementation of such matters related to fund transfer, for banks licensed to operate under the Authority, providing payment transaction aggregation services within banks. Banks providing payment aggregation services shall comply with the following principles in providing the service.

Volume: 55 Number: 138 Regulation Number: 2026/R-74 Dhivehi Government Gazette 4

(n) (1) Payment aggregation transactions occurring within two (2) working days from the start, the funds related to those transactions shall be received by the beneficiary and settled in the beneficiary's account, at a bank licensed in the Maldives. The funds shall be settled without delay. Banks mentioned in sub-article (b) of this Article shall commence implementation of this amendment within one hundred and eighty (180) days from the date of commencement of implementation.

Second Schedule
Minimum Impaired Capital

3. Number (1) of the Second Schedule of the said Regulation is hereby amended as follows.
   (1) For parties licensed to provide payment services, as specified below, if such services are provided among the services listed below, the minimum impaired capital shall not be less than the amount specified below, and shall be maintained.

Licensed Service	Amount (Rufiyaa)
1. Electronic Money Issuance Service	2,000,000
2. Payment Transaction Aggregation Service	2,000,000
3. Remittance Service	2,000,000
4. Payment Initiation Service	1,000,000
5. Account Information Provision Service	1,000,000

4. Number (3) is added after Number (2) of the Second Schedule of the said Regulation as follows. The following number is added.

Volume: 55 Number: 138 Regulation Number: 2026/R-74 Dhivehi Government Gazette 5

(3) For payment service providers licensed before the commencement of this First Amendment to the Regulation Number (2022/R-42) on Payment Services, these parties shall, within one hundred and eighty (180) days from the date of commencement of implementation of this amendment, or within any other period specified by the Authority, maintain the minimum impaired capital as specified in Number (1) of this Schedule.

Third Schedule
Security Deposit

5. Number (1) of the Third Schedule of the said Regulation is hereby amended as follows. The security deposit amount to be maintained under this Regulation is as follows:

Licensed Service	Amount (Rufiyaa)
1. Electronic Money Issuance Service	2,000,000
2. Payment Transaction Aggregation Service	2,000,000
3. Remittance Service	2,000,000
4. Payment Initiation Service	1,000,000	\n	5. Account Information Provision Service	1,000,000

6. Number (2) is added after Number (1) of the Third Schedule of the said Regulation as follows. The following number is added.

   (2) For payment service providers licensed before the commencement of this First Amendment to the Regulation Number (2022/R-42) on Payment Services, these parties shall, within one hundred and eighty (180) days from the date of commencement of implementation of this amendment, or within any other period specified by the Authority, maintain the security deposit as specified in Number (1) of this Schedule.

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