The Maldives Monetary Authority has recognised several financial institutions and service providers for their role in widening access, advancing digital services, supporting sustainable finance and developing financial technology in the Maldives.
The awards were presented at the inaugural Maldives Financial Sector Awards, held as part of MMA’s 45th anniversary celebrations. The awards were introduced to recognise institutions and individuals that have contributed to the development, resilience and modernisation of the country’s financial sector.
Maldives Islamic Bank and Allied Insurance Company of the Maldives received the Excellence in Financial Inclusion award. The category recognises initiatives that improve access to financial services, reduce barriers to participation and support underserved individuals, communities and market segments.
MIB was recognised for its “Apply Now” digital platform and its work in expanding Islamic banking services across the Maldives. According to the awards panel, the platform has made it easier for customers to apply for banking products remotely, while the bank’s wider Shariah-compliant services have helped broaden participation in the formal financial system.
Allied Insurance received the same award for its contribution to improving access to insurance services. The panel recognised the company’s efforts to make insurance products more accessible to individuals and businesses, supporting greater financial resilience and wider participation in formal financial protection mechanisms.
Bank of Maldives received two awards at the ceremony. The bank was presented with the Excellence in Digital Finance and Innovation award for its contribution to modernising banking services through digital technology. The category recognises organisations that use digital platforms, innovation and service transformation to improve financial services, customer experience, operational efficiency and access.
The awards panel noted BML’s role in transforming how customers access and use banking services through continued investment in digital platforms and technology-driven financial solutions. Digital banking has become increasingly important in the Maldives, particularly due to the country’s dispersed geography, allowing customers and businesses across the islands to access services more efficiently.
BML also received the Excellence in Green and Sustainable Finance award, which recognises initiatives that promote environmentally responsible, climate-conscious and sustainability-linked financial practices. The bank was recognised for its contribution to sustainable development and its support for initiatives aimed at protecting the Maldives’ environment.
The recognition reflects the growing role of financial institutions in supporting sustainability objectives in the Maldives, a country highly exposed to climate risks. Green finance is increasingly seen as an important area for encouraging environmentally responsible investment and long-term economic development.
FahiPay Pvt Ltd received the Excellence in Emerging Financial Innovation award. The category recognises promising organisations and early-stage innovations with the potential to improve financial services, address sector challenges and contribute to the future development of the industry.
FahiPay was recognised for its contribution to digital payment solutions and emerging financial technologies. The awards panel noted the company’s potential to improve financial services through innovative payment solutions, as financial technology continues to shape access, efficiency and inclusion within the Maldivian financial sector.
The Maldives Financial Sector Awards cover seven categories: financial inclusion, financial literacy and consumer empowerment, digital finance and innovation, SME finance, green and sustainable finance, emerging financial innovation and distinguished contribution to the financial sector.
Awards were not presented in the Excellence in Financial Literacy and Consumer Empowerment and Excellence in Small and Medium Enterprises Finance categories. The judging panel concluded that submissions in those categories did not meet the required standard for recognition during this award cycle.
The inaugural awards form part of MMA’s wider efforts to recognise excellence across the financial industry while encouraging innovation, inclusion and sustainable development in the sector.
