- Starting 1 November, BML's payment gateway will let Maldivian businesses receive international customer payments directly in US dollars.
- Registered firms can use these foreign-currency receipts for overseas inventory, software subscriptions, remittances, and card transactions without local conversion.
- Government SME programmes have extended USD 51.6 million to 1,000+ operators, plus USD 19.5 million via the Youth Entrepreneurship Programme.
Maldivian producers and small enterprises trading in overseas markets will receive international customer payments directly in US dollars via the Bank of Maldives (BML) payment gateway starting 1 November, President Dr Mohamed Muizzu announced.
Speaking at the Maldives Expo 2026 awards ceremony last night, President Muizzu outlined the initiative as part of broader government efforts to dismantle persistent obstacles facing local traders who conduct cross-border commerce. The Ministry of Economic Development and Trade, the Business Centre Corporation (BCC), and the national bank developed the framework jointly to improve cross-border cash flow for domestic firms.
Under the forthcoming mechanism, registered commercial entities can accept US dollar settlements worldwide. From the rollout date, business owners may immediately deploy these foreign-currency receipts to pay for overseas inventory, settle business software subscriptions, and fund commercial remittances or card transactions without local-currency conversion hurdles.
President Muizzu noted that removing payment bottlenecks will expand revenue potential for both established small and medium-sized enterprises (SMEs) and emerging entrepreneurs seeking entry into export markets.
“We want to make it easier for SMEs to overcome the challenges they face and increase their income,” President Muizzu stated. “By facilitating these processes, we want to create more opportunities for small and medium-sized businesses to grow and enable as many citizens as possible to start their own businesses and achieve financial independence.”
During his address, the President also reviewed government financing metrics for the commercial sector. State programmes have extended approximately USD 51.6 million (MVR 795.7 million) in credit to more than 1,000 SME operators to date. In addition, the administration disbursed upwards of USD 19.5 million to over 3,000 recipients during the initial phase of the Youth Entrepreneurship Programme, launched in mid-July. Officials expect to inaugurate the second phase of that financing scheme in November.
