MMA suspends license halting Western Union services

Western Union Maldives | Photo: Nishan Ali/Mihaaru

Malé, Maldives – Maldives Monetary Authority has suspended the Payment Service Providers License (No. PSP/2022/03) issued to Island Financial Services Pvt. Ltd. for the provision of Remittance Service in the Maldives effective 8 August 2022 interrupting the Western Union services.

UPDATE (13:12)

An official from the Island Financial Services Pvt. Ltd. stated that the Western Union services were halted temporarily due to the MMA notice and the services will be operational again following system updates to meet with MMA policies.

Island Financial Services expect for the updates to be complete and operations to resume on Sunday.