MMA has today suspended Maldives Western Union Money Transfer service.

Western Union’s local agent in the Maldives is Island Financial Services, operated by the Villa Group.

The service was suspended after the Central Bank, Maldives Monetary Authority (MMA) suspended the license issued to Island Financial Services on the 8th of this month. MMA has not yet disclosed the reason for the decision.

It is has learned that the license was withheld as Island Financial Services had not corrected requirements as instructed by MMA.

A Villa official informed some local new papers that MMA took action due to delays in making the necessary changes to the application used to provide the service and informs that the work is now underway, and the service is expected to resume tomorrow,.

Western Union’s service is commonly used by a large number of foreigners living in the Maldives to send money to their home countries. Some Maldives also use Western Union services. Many people are expressing concern on social media regarding service interruption.