As the nation’s leading financial institution celebrates 43 years of service, Bank of Maldives (BML) has introduced a series of major policy enhancements aimed at supporting local businesses and promoting broader economic participation. The most impactful among these changes is a sharp reduction in the Merchant Discount Rate (MDR) for card transactions, a move expected to provide tangible financial relief to thousands of businesses across the country.
Effective immediately, the MDR on BML-issued debit cards used on BML Point-of-Sale (POS) terminals has been reduced from 2.5% to 1%. This marks the first time the fee has been lowered since debit card services were introduced in the Maldives in 2000. By easing the cost burden associated with digital payments, this reduction is set to benefit over 7,000 merchants currently using BML’s payment infrastructure. This strategic shift is designed to promote the growth of electronic payments while strengthening the financial resilience of the retail and service sectors, especially small- and medium-sized enterprises (SMEs) that comprise the backbone of the Maldivian economy.
To further empower businesses, BML has launched a new unsecured financing option under its Advance Merchant Settlement facility. Through this offering, eligible merchants can access funding of up to MVR 2 million, based on the volume of their POS transactions over the previous six months. The funds are issued without collateral, and repayments are automatically deducted from future daily sales, offering flexibility and ease of access at a time when cash flow is vital for business operations and expansion.
BML CEO and Managing Director Mohamed Shareef emphasized the bank’s commitment to fostering business growth. “The Bank’s success is closely tied to the success of our business customers,” he said. “As we mark 43 years, we’re proud to introduce changes that meaningfully reduce costs and enhance financial access. Lowering the MDR to 1% represents a real and practical shift that supports the business community nationwide.”
In addition to initiatives directed at merchants, BML has also revised international card spending limits for individual customers. Starting from 11th November 2025, foreign POS spending limits on BML debit cards will increase to USD 1,000 per month. For customers using their cards for medical and travel-related expenses, the spending limit has been raised to USD 3,000 per month. These changes are automatically applied to eligible accounts, requiring no manual application, and are expected to enhance convenience and ease for both travelers and those seeking international medical services.
These changes come at a time when the financial ecosystem of the Maldives is evolving rapidly in response to global digital payment trends, economic diversification efforts, and the growing expectations of both merchants and consumers. BML’s latest initiatives not only highlight its central role in modernizing the country’s banking landscape but also reaffirm its longstanding reputation as a partner in national development. With over four decades of service, the bank continues to drive forward a vision of inclusive financial growth, fostering opportunities for businesses and individuals alike throughout the archipelago.
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