A digest of news and opinion from the Maldives.
Amidst the ongoing challenges faced by businesses due to COVID-19, Bank of Maldives (BML) has announced positive changes to the Retailers’ Loan targeted to help businesses meet daily needs or fund expansions. The Retailers’ Loan is available for businesses as a loan or an overdraft, with financing up to three times the value of the […]
Bank of Maldives (BML) has announced no-mortgage ‘Green Loans’ for personal and business customers wanting to invest in green technology. BML stated that eligible personal banking customers can borrow from MVR 50,000 up to MVR 500,000 without any additional security at 12% interest. Customers can choose up to a 5-year period for repayment. The Green […]
Bank of Maldives (BML) has opened applications for proposals under Phase III of the ‘Aharenge Bank’ Community Fund. In a statement issued by the bank on Monday, it was revealed that 10 proposals would be selected from the submissions, each receiving an award of MVR 50,000 for their respective project. Projects will be selected in […]
Local commercial bank, Bank of Maldives (BML) has blocked cards issued by the bank from being used on any gambling, online trading, or cryptocurrency websites. In a statement publicized by BML, the bank revealed that it would be “redoubling its efforts to disable the use of its cards for online transactions that facilitate illegal activities”. […]
In line with the bank’s strategic focus on digitalization to provide better customer service, Bank of Maldives has announced the introduction of its digital PIN service to enable customers to set or change their PIN for debit, credit and prepaid cards instantly via Internet Banking. With the introduction of the digital PIN service, customers can […]
Bank of Maldives has announced the introduction of Self-Service Banking ATM Centre in Th. Thimarafushi as part of its plan to expand its network to support local communities. In addition to the usual cash withdrawal facilities, the new Centres will support individuals and businesses to deposit and transfer money on a 24/7 basis. With these […]
With a large increase in the number of unauthorized transactions, BML recently blocked selected PayPal merchants to minimize exposure of customers to fraudulent transactions. This measure was taken in line with standard practice to protect our customers. As a result of blocking these merchants, customers also faced an issue in linking BML cards to their PayPal accounts. The […]
Bank of Maldives’ Head of Risk Yaameen Adam has signed after 30 years of service at the bank. Yaameen had defended BML in a Public Accounts Committee meeting that was held last year regarding the massive MMPRC scandal. Yaameen has stated that he had a plan of resigning this year. However, regardless of his resignation, […]
According to the latest statistics by the Ministry of Finance, Bank of Maldives (BML) has issued 377 loans that total to MVR 532.0 million. While there were 573 applications under the COVID-19 Recovery Loan Scheme, 410 have been approved, 16 rejected and 12 are being processed. The statistics also reveal that there were 135 applications […]