Bank of Maldives has launched a new US dollar investment offering that allows customers to invest their US dollar funds through the BML Mobile App and Internet Banking, with returns of up to 25%.
How the Investment Offering Works
The new product enables customers to place US dollars into daily investment pools, each offering different rates of return. According to BML, the invested funds will be used to support the bank’s fee-generating commercial activities, while delivering returns to investors.
The investment process is fully digital and available through both the BML Mobile App and Internet Banking. The bank said the platforms have been enhanced to allow customers to complete their investments online.
When a customer makes an investment, the equivalent value in Maldivian Rufiyaa is instantly credited to their account. The profit earned from the investment is then credited to the customer’s MVR account the following day.
Why BML Introduced the Product
BML said the offering is intended to support the sustainability of essential banking services, particularly as demand for foreign currency continues to grow.
Speaking at the launch ceremony, BML CEO and Managing Director Mohamed Shareef said the volume of US dollars sold for debit and credit card transactions linked to overseas purchases and services had increased 3.7-fold over the past five years, reaching an average of USD 39.3 million per month this year.
He said the number of customers using these services had more than doubled during the same period. According to Shareef, between 250,000 and 300,000 customers now make foreign transactions every month using their MVR cards.
The Role of Cross-Border E-Commerce
Shareef said the main driver of this growth has been the rapid increase in cross-border e-commerce by Maldivians. He said advances in digital payment systems, the expansion of global online marketplaces, and improvements in telecommunications and logistics have made international shopping more accessible and affordable.
He also said the trend reflects the continued advancement of the Maldivian economy, particularly in digital banking and financial services, with more Maldivians participating in the global digital marketplace as prosperity increases.
Dollar Demand and Card Payments
According to Shareef, the card business is highly profitable for the bank, and growth in card transactions contributes directly to BML’s profitability. However, he said the bank’s ability to facilitate these transactions depends on its US dollar income and the foreign currency it is able to acquire.
Over the past 36 months, BML has sold approximately USD 1.6 billion to meet personal foreign currency requirements and business transactions. Nearly 60% of that amount was allocated specifically to card payments.
Shareef said sustaining these volumes of dollar sales is becoming increasingly challenging as demand continues to grow each month. However, he said the bank does not wish to introduce measures that would disrupt or restrict a service used by a large segment of its customers.
“Our objective is to ensure that this service remains sustainable,” he said.
How the Model Supports Foreign Currency Access
Explaining the rationale behind the new offering, Shareef said BML had created an investment model intended to benefit investors, card users and the bank.
The model encourages customers with US dollar income to invest in high-yield investment pools. BML will then use the invested funds to facilitate e-commerce retail transactions and other fee-generating activities. After operational costs are deducted, the resulting income will be distributed to investors as returns.
Shareef said this allows the bank to secure the foreign currency required to meet customer needs, including card payments, e-commerce transactions and the import of goods.
The launch event included a live demonstration of the US dollar investment offering through the BML Mobile App and Internet Banking. Shareef also answered questions from the media and attendees on the product and its role in supporting the bank’s long-term strategy to sustainably meet customers’ US dollar needs.
