Bank of Maldives has announced plans to expand its deposit and payment services with Cash Agents in 100 islands within the year. Cash Agents were introduced in 2014 as part of the Bank’s Financial Inclusion strategy to provide banking services in islands without a branch or ATM.
The service was launched with just cash withdrawal services. Today, through these agents, customers can make withdrawals, deposits as well as make payments for loans and credit cards without any additional charges.
Deposit services have been popular among customers since their launch. Over the past year, MVR 180 million has been deposited via 41 cash agents.
With this service, local communities can bank conveniently from their home island, without the need to travel to the nearest branch or ATM Centre. Currently, there are over 200 cash agents providing withdrawal services across the islands.
Note that the withdrawal limit is MVR2,000 per day, for free, while the deposit limit is MVR10,000 per day, for free.