Moldova’s Instant Payment System – MIA – Transforms Financial Landscape with USAID Support

MIA Reaches 310,000 Users in Seven Months

In a significant leap towards financial innovation, Moldova’s national instant payment system, MIA, has processed over 1.5 billion MDL (≈ US$85 million) in transactions since its launch in March 2024. Developed by the National Bank of Moldova (NBM) and launched with support from the USAID Moldova Institutional and Structural Reforms Activity (MISRA), MIA is rapidly reshaping the country’s financial ecosystem.

Real-Time Payments Gain Traction in Moldova

MIA, offering 24/7 real-time payments between accounts, has seen remarkable adoption rates. The instant payment system, which facilitates peer-to-peer, consumer-to-business, and soon, consumer-to-government transactions, has already attracted 310,000 users and processed 1.4 million transactions.

“The rapid uptake of MIA demonstrates the pent-up demand for efficient, inclusive payment solutions in Moldova,” said Eugen Ghiletchi, Financial Sector Reform Lead at USAID MISRA during the International Consortium for Governmental Financial Management (ICGFM) Conference in Washington D.C. “Based on preliminary data, we’re seeing that MIA is playing a significant role in driving the shift from cash to digital transactions, with approximately 63% of peer-to-peer transfers through MIA, replacing cash payments.”

Collaboration Drives Success

The success of MIA stems from a strategic partnership between NBM and USAID MISRA, implemented by Cadmus. USAID MISRA provided critical technical and strategic support throughout the development and launch phases, from the initial design to branding and user experience. This partnership ensured that MIA is not just a functional payment but a widely accessible, user-friendly tool across the country.

Tania Aria, Project Director for USAID MISRA at Cadmus, and Eugen Ghiletchi discussed key factors contributing to MIA’s success at the ICFGM Conference:

• Mandatory participation for all banks and payment providers, ensuring universal accessibility.
• Implementation of a centralized alias system (enabling transfers using only a phone number) and QR code generation, making the payment process easier for all users.
• User-friendly interface and strong branding.

“These elements, combined with NBM’s leadership and ongoing support, showcase government’s ambitions to promote financial innovation across the nation,” Ghiletchi said.

Preliminary data indicates that consumers save an average of $0.85 on every peer-to-peer transaction through MIA. To further enhance the system’s utility, USAID MISRA is currently driving the development of acquiring solutions for businesses through three (3) strategic grants.

These solutions will enable businesses to accept instant payments from consumers both in-person via QR codes and online. Additionally, a “request to pay” functionality will streamline operations for utility and service providers.

Government Integration on the Horizon

The next phase of MIA’s development aims to simplify government service payments. USAID MISRA has provided technical support to connect MPay, Moldova’s national payments gateway for public services, with MIA. This integration will allow citizens to pay for a wide range of government services—from taxes to public utilities—using MIA.

The upcoming connection of these systems marks a significant step forward in making financial services more accessible to the public and enhancing the efficiency of the Moldovan government’s payment processing.

Through this partnership, MIA is positioned to become the go-to payment solution for not just individuals and businesses, but also for transactions with the state, solidifying its role in Moldova’s evolving financial ecosystem.

The Road Ahead

As Moldova continues its digital transformation journey, MIA is poised to play a central role in driving financial inclusion, innovation, and efficiency. With USAID MISRA’s ongoing support, the system is on track to reach its target of 500,000 users within the first year of operations.

The success of MIA serves as a model for other countries seeking to modernize their financial infrastructure. As digital payment systems continue to evolve globally, Moldova’s experience with MIA offers valuable insights into the potential for public-private partnerships to drive innovation and financial inclusion.

Read more about the MIA instant payment system: Beyond Cash—Moldova Embraces the Future of Payments with Pioneering MIA System