Malé, Maldives – Ten days after Maldives Monetary Authority (MMA) 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 interrupting the Western Union services, the Authority lifted the suspension today.
Island Financial Services Pvt. Ltd., which is owned by Villa Company was suspended on 8th August, and while MMA has not revealed a reason as to why the suspension was imposed, an official from the Island Financial Services Pvt. Ltd. previously stated at the time of suspension that 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.
Although the company initially expected that the updates would be complete and the system to be operational on Sunday, the suspension was lifted today.
Western Union is a popular money transfer service in Maldives for both locals and expatriates alike.
Currently Western Union provides services in over 200 countries.