The Managing Director of the SME Development Finance Corporation (SDFC), Aishath Fifsheen Ali, has been dismissed from her position. The Privatisation and Corporatisation Board (PCB), which oversees state-owned enterprises, announced the decision on Saturday without disclosing the reason for her removal.
Fifsheen was appointed as Managing Director in January last year, succeeding Ahmed Zeenad, who now leads the Housing Development Finance Corporation (HDFC). Before her role at SDFC, Fifsheen spent over 20 years at the Bank of Maldives (BML), where she held various key positions, including Head of Cards, Head of Channel Management, and Head of Acquiring and Digital Payments.
SDFC was established in 2019 to provide financial support to Micro, Small, and Medium Enterprises (MSMEs) in the Maldives. The institution is jointly owned by the government, Malé City Council, Fuvahmulah City Council, and Addu City Council. It aims to improve access to financing for MSMEs while encouraging competition among financial institutions.
In recent months, SDFC has suspended some of its previous loan programmes and is currently in the process of issuing certain loans.
