Young Maldivians seeking to establish new businesses or expand existing ventures can now access financing of up to MVR 150,000 without providing collateral or making an equity contribution under the newly introduced Youth Entrepreneurship Financing Facility.
President Dr Mohamed Muizzu officially launched the facility during the opening ceremony of the Youth Entrepreneurs Expo 2026, held at Barceló Nasandhura Malé on 15 July 2026. Developed jointly by the Bank of Maldives and SME Digital Private Limited, the initiative is designed to improve access to startup capital and support young people in transforming commercially viable ideas into sustainable enterprises.
The financing facility is available to eligible Maldivians aged between 18 and 30, including aspiring entrepreneurs, freelancers and young business owners. It may be used to establish or expand micro, small and medium-sized enterprises across a range of economic sectors, providing young people with an opportunity to pursue entrepreneurship without the conventional requirement to pledge assets as security.
The facility carries an annual interest rate of seven per cent and offers a repayment period of up to five years, including a six-month grace period. Applications are expected to be assessed through an expedited process, with financing decisions provided within 24 hours to enable successful applicants to obtain capital promptly and begin implementing their business plans.
In addition to financial assistance, SME Digital will provide recipients with business guidance, mentorship and training. This support is expected to help young entrepreneurs strengthen their financial management, business planning, operational capabilities and long-term commercial sustainability, ensuring that the programme contributes to the development of resilient enterprises rather than providing financing alone.
The Youth Entrepreneurs Expo 2026 was hosted at Barceló Nasandhura Malé, a five-star waterfront hotel located in the heart of the Maldivian capital. Positioned opposite the Henveiru Ferry Terminal and within approximately 10 minutes of Velana International Airport, the hotel offers convenient access for local participants, business representatives and international visitors.
Barceló Nasandhura Malé combines modern city hospitality with extensive facilities for conferences, exhibitions and corporate gatherings. Its dedicated meetings and events area covers more than 1,000 square metres and includes adaptable meeting rooms, event areas and ballrooms capable of accommodating different business and exhibition formats. The property also offers contemporary rooms and serviced apartments with views of Malé and the surrounding Indian Ocean, alongside leisure, fitness, wellness and dining facilities.
The selection of Barceló Nasandhura Malé as the venue reflected the expanding role of the property as a destination for major national events, professional gatherings and business tourism in the capital. Its waterfront setting, modern architecture, spacious interiors and dedicated event infrastructure provided a prominent platform for young business owners to present their products, services and entrepreneurial ideas.
During the ceremony, President Muizzu also inaugurated seven new Bank of Maldives branches located in HA. Hoarafushi, Sh. Kanditheemu, R. Alifushi, Lh. Hinnavaru, ADh. Maamigili, GA. Gemanafushi and L. Maavah.
The openings increased BML’s nationwide network to 55 branches covering all 20 atolls. Seventeen of these branches have been established during the past two years, strengthening the availability of in-person banking services for individuals and businesses outside the Greater Malé region.
The expansion is expected to make essential financial services more accessible to island communities, reduce the need for customers to travel to regional centres and provide businesses operating across the atolls with closer access to banking support. BML also operates an extensive nationwide network of self-service banking facilities and digital platforms, complementing its growing physical presence.
BML Chairperson Ahmed Ali Habeeb also introduced an international account-opening service through Swipe, a fully Maldivian digital platform. The service enables customers to open accounts denominated in US dollars, pounds sterling and euros, supporting greater participation in international commerce and providing an additional financial channel for freelancers, entrepreneurs and businesses receiving payments from overseas.
The financing facility, branch expansion and introduction of international accounts through Swipe form part of broader national efforts to promote youth entrepreneurship, strengthen financial inclusion, accelerate digital transformation and diversify the Maldivian economy.
President Muizzu reaffirmed the administration’s objective of increasing the digital economy’s contribution to 15 per cent of the Maldives’ gross domestic product by 2030. Young entrepreneurs, technology-driven enterprises and digitally enabled financial services are expected to play an important role in achieving this target while creating employment, developing new industries and expanding economic opportunities throughout the country.
The Youth Entrepreneurship Financing Facility is expected to provide a practical pathway for young Maldivians to enter the business sector, pursue innovation and contribute to a more diversified and competitive economy. By combining accessible financing with professional guidance, digital services and an expanding nationwide banking network, the programme seeks to create a stronger environment in which youth-led enterprises can develop and succeed.
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