Bank of Maldives has introduced changes to its Advance Merchant Settlement facility, aiming to make short-term financing more accessible for businesses that receive card payments through the bank’s merchant services.
Under the revised facility, eligible merchants can access financing of up to MVR 2 million, depending on their card settlement history with BML Merchant Services. The bank has also simplified the application process, reduced documentation requirements, and shortened the processing period to five working days.
The facility is designed for businesses that need financing support linked to their regular card sales. Repayments are automatically deducted from daily merchant settlements, allowing businesses to manage repayments alongside their usual operations.
To qualify, merchants must have accepted card payments through BML Merchant Services for at least six months. They must also maintain an average monthly card sales volume of MVR 20,000 and have no overdue obligations with any financial institution.
BML’s CEO and Managing Director, Mohamed Shareef, said: “This is our continued efforts to strengthen the financial infrastructure available to businesses operating across the Maldives. By streamlining the application process and expanding the scope of available financing, we aim to ensure that our merchant partners are better equipped to manage their operational requirements and pursue sustainable growth.”
Applications for the facility can be submitted through the Message Centre in Internet Banking or through the BML Mobile Banking App.
The changes come as banks continue to expand financing products targeted at small and medium-sized businesses, particularly those seeking working capital support through existing transaction records rather than conventional collateral-heavy lending structures.
