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What is Understanding Favara Transfer System about?

Favara is an instant payment system provided by Bank of Maldives (BML) that allows customers to instantly transfer funds between BML, State Bank of India (SBI), and Maldives Islamic Bank (MIB) up to MVR 50,000. Customers can link their bank account to a phone number or email address using a Favara ID to enable instant transfers. The system also allows customers to request funds from others or recall transfers made within the last 10 days if approved by the recipient. Transactions are displayed on internet b

Author

Luham

Language

EN