The Bank of Maldives has announced immediate changes to its Advance Merchant Settlement facility, introducing a faster and more streamlined financing option for businesses that use the bank’s card machine services. According to a statement issued by the bank on July 3, 2026, the revised facility is designed to improve access to working capital for merchants and support the continued expansion of business activity across the Maldives.
Under the revised arrangement, eligible businesses can now receive approved financing within five days, following a simplified application process introduced by the bank. The facility allows merchants to access financing of up to MVR 2 million, with the approved amount determined based on the business’s card machine transaction history. The updated structure is expected to provide greater convenience for businesses seeking timely financial support to manage operational needs, maintain cash flow, and plan for future growth.
Commenting on the enhancement, BML CEO and Managing Director Mohamed Shareef stated that the changes reflect the bank’s continued efforts to expand and strengthen financial services for Maldivian businesses. He noted that the objective is to simplify the application process, widen access to financing, and support merchants in growing their operations. His remarks underscore the bank’s broader commitment to strengthening the business environment by offering practical and responsive financial solutions tailored to the needs of the country’s commercial sector.
The facility is available to businesses that have processed card transactions through BML’s merchant service for at least six months and maintain an average monthly card sales volume of MVR 20,000 or above. Applicants must also be free of outstanding payments owed to other financial institutions. These eligibility conditions are intended to ensure that financing is extended to businesses with an established transaction record and sound financial standing, while also promoting responsible access to credit.
Repayment under the facility will be carried out automatically through daily deductions from the merchant’s card sales revenue. This repayment structure offers businesses a practical arrangement aligned with their ongoing sales activity, reducing the need for separate manual payment schedules and helping merchants manage obligations in a more predictable and efficient manner. The approach is particularly beneficial for businesses that prefer flexible repayment linked directly to revenue performance.
Businesses may apply for the Advance Merchant Settlement facility through BML’s internet banking platform or mobile application, making the process accessible through the bank’s digital channels. By integrating the application system into its online banking services, the bank is further strengthening convenience for merchants and encouraging wider use of digital financial tools in the business community.
The latest changes are expected to benefit a broad range of enterprises, including retail outlets, service providers, hospitality-related businesses, and other merchants that depend on regular card transactions. Easier access to financing can play an important role in helping businesses manage inventory purchases, meet short-term operating expenses, respond to market demand, and invest in service improvements. In a growing and increasingly digital economy such as the Maldives, facilities of this nature can contribute meaningfully to business resilience and commercial continuity.
With these improvements, BML continues to reinforce its role as a key financial partner for local businesses by offering accessible, efficient, and growth-oriented banking solutions. The revised Advance Merchant Settlement facility reflects an emphasis on practical support for merchants and highlights the importance of financial innovation in supporting enterprise development across the country.
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