Bank of Maldives has completed its “Mulhi Raajje ah BML ATM” programme, ensuring that all inhabited islands in the Maldives have access to 24/7 banking services via state-of-the-art self-service banking units.
This represents the latest milestone in the Bank’s commitment to ensure that all Maldivians have access to convenient banking services that suit their needs and help them achieve their financial aspirations. The multi-functional ATMs installed under the programme enable individuals and businesses to deposit and withdraw cash, transfer money across the network, and conveniently make loan repayments.
As the national bank, Bank of Maldives has a long and proud history of investing in infrastructure that provides populations in this geographically dispersed country with access to modern banking services.
Previously, the Bank had reached a milestone of a branch in every atoll and ATMs in islands with larger populations or those that had significant economic activity. For many years, it has provided banking to all islandsALL ISLANDS first through Dhoni Banking and then a comprehensive network of cash agents. Cash agents are local retailers who provide cash from individuals’ accounts through their Point of Sales machines. Cash agents will now be phased out, given the presence of an ATM on every inhabited island.
By bringing communities within the formal banking system, it has ensured that individuals and businesses are able to take their economic activities to the next level, by being able to receive and transfer money easily, build their savings, and access financing facilities.
BML CEO and Managing Director Mohamed Shareef said: “We are proud to have delivered this project that has ensured financial inclusion on all islands in the Maldives. These multi-functional self-service banking units are important community assets that will transform the lives of their inhabitants. To have rolled out this programme in 105 islands in just 9 months is testament to the bank’s commitment to the communities we serve. This is just the latest step in an ongoing mission of ensuring that every Maldivian, whether they are based in the capital city or in the atolls, has access to the best possible banking service. It is no less than our population deserves.”
The Bank has a “digital first” policy, and younger populations benefit from internet and mobile banking, where they can access a range of services, including applying for loans, without the need to visit a branch. These digital innovations have been firsts for the Maldives, and the Bank will continue to invest in technology, ensuring it remains at the cutting edge of banking, not just in the Maldives, but in the wider region.
However, for many Maldivians, a means through which to deposit and withdraw cash remains critical, and the “Mulhu Raajje ah BML ATM” programme aimed to support this requirement. In terms of the importance of ATMs in meeting the ongoing cash needs of populations, the numbers speak for themselves: the Bank facilitates over 23,000 ATM transactions per day worth over MVR 103 million.
The “Mulhu Raaje ah BML ATM” programme is just one of a number of ways in which the Bank has been demonstrating its commitment to financial inclusion in the Maldives. Some other examples include:
- In 2024, the Bank partnered with MIFCO to enable regular (24/7 seamless) payments to fishermen, which enables them to streamline their operations. Today, fishermen receive payments within 48 hours of their catch delivery to MIFCO, whether it is a working day or a public holiday.
- The Bank reduced interest in education financing to 2.5% (for BML Kiyavaa Loan and Education Financing).
- Recently, the Bank reduced home loan equity from 20% to 5%, a significant reduction that helps make home ownership more affordable.
- The Bank has made positive changes to its Home Construction portfolio, allowing customers to borrow up to MVR 3 million without any additional security.
Importantly, the bank has been making these investments in the community in a prudent and sustainable manner:
- The bank remains in a robust financial position with Total Assets of MVR 52 billion (more than half of the country’s entire banking sector and a strong deposit base of MVR 34 billion (accounting for 52% of all deposits held by banks across the nation).
- The bank’s Net Loans and Advances have reached MVR 23 billion — again, around 52% of all loans and advances issued by banks in the Maldives
The Bank remains committed to continuing to reinvest its profits in communities in a sustainable manner so that they can benefit from the advantages of being a part of a sophisticated banking network and help achieve their dreams.
This is an advertorial commissioned by the Bank of Maldives
