Bank of Maldives has launched the country’s first student debit card, aimed at helping children gain practical money management skills from an early age. The BML Student Debit Card, introduced at a ceremony held on 10th May 2025 at Hotel Jen, is available to children aged seven and older.
The card, issued as a Visa Debit Card, carries no fees and can be used for both local and international transactions. It includes a unique feature tailored for young users: a 0.5% annual rebate on total spending, which is automatically credited to the child’s savings account at the end of the year.
According to the bank, the initiative is part of its ongoing efforts to promote financial literacy and provide accessible banking solutions. The card is designed to encourage children to develop responsible spending habits while allowing parents to oversee and manage usage through the BML Mobile Banking App.
The app includes functions such as freezing or unfreezing the card, changing the PIN, and blocking the card. For added security, One-Time Passwords (OTP) for online or high-value transactions are sent to the parent’s registered mobile number.
BML’s CEO and Managing Director, Mohamed Shareef, noted that the product was designed to equip students with financial tools long before adulthood and to instil confidence and awareness about financial services from a young age.
Two card designs are available—one for children aged 7 to 12, and another for those aged 13 to 17. Parents can apply for the Student Card directly through the BML Mobile Banking App.
Bank of Maldives stated that this new offering reinforces its commitment to supporting the country’s economic and educational development through innovative banking solutions.
