Action Plan to Reduce Usage of Cheques

Maldives Monetary Authority (MMA) has introduced an action plan to reduce usage of cheques to encourage digital payment for a more safe and efficient future.

The upcoming changes outlined in the action plan is as follows:

• From second quarter of 2023, a value ceiling of MVR 50,000 and USD 3000 will be imposed on cheques issued nationwide.
• Cheque clearing will be reduced to twice a week from second quarter of 2023 and to once a week from first quarter of 2024.
• Migrating all inter-bank account transfers processed via Automated Clearing House (ACH) to Instant Payment System (IPS) for speedy transactions.
• Introducing fees on cheque transactions from fourth quarter of 2023.