The Ministry of Economic Development and Trade has signed a Memorandum of Understanding (MoU) with NPCI International Payments Limited (NIPL), the international arm of India’s National Payments Corporation (NPCI). This strategic partnership is poised to advance the Maldives’ digital economy, expand e-commerce opportunities, and promote financial inclusion, in line with the goals outlined in the manifesto of President Dr. Mohamed Muizzu.

The MoU focuses on several key objectives, including the development of advanced digital payment systems to facilitate seamless and secure transactions across the Maldives. This initiative is expected to significantly enhance the country’s digital infrastructure. Additionally, the partnership aims to improve financial inclusion by enhancing access to financial services for underserved populations, thereby promoting broader economic participation and supporting growth within the Maldivian economy.

A critical component of the agreement is ensuring the interoperability of the new digital payment systems with both domestic and international payment networks, enabling smooth cross-border transactions and strengthening global connectivity. Furthermore, NIPL will provide training and support to local financial institutions, ensuring they are well-equipped to effectively utilize and manage the new systems.

Minister Mohamed Saeed of the Ministry of Economic Development and Trade emphasized that this partnership with NIPL represents a significant milestone in the Maldives’ journey toward a digitally empowered economy. By embracing cutting-edge payment technologies, the Maldives aims to create a more inclusive and efficient financial ecosystem that benefits all its citizens. The signing of this MoU underscores the government’s commitment to fostering innovation and enhancing the digital landscape, paving the way for sustainable economic growth and greater financial inclusion.