Bank of Maldives (BML) has reached a major milestone in its digital transformation journey, with 99% of all financial transactions now processed through digital platforms, according to CEO and Managing Director Mohamed Shareef. The achievement reflects a sweeping shift in consumer behavior and signals the Maldives’ rapid embrace of modern banking technology, a development that enhances convenience not just for locals, but also for international visitors navigating the country’s financial system.
Speaking at the bank’s Annual General Meeting held at Barceló Nasandhura, Shareef revealed that BML currently handles over MVR 220 million in digital transactions annually. He noted that while counters at BML branches still see around 600,000 in-person transactions per year, the overwhelming majority of customers now prefer the efficiency of mobile and internet banking services.
This digital transformation, he explained, has not only improved customer experience but also contributed to the overall success and resilience of the bank. “We now process over one million logins daily through BML Internet and Mobile Banking, while more than 150,000 transactions take place each day through our Point-of-Sale (POS) network,” Shareef stated. In addition, the bank facilitates an average of 238,000 card transactions every day, further highlighting the scale of digital engagement.
BML’s efforts to expand its reach extend beyond digital interfaces. The bank continues to enhance financial inclusion by establishing branches and ATM services across all inhabited islands. This ensures that essential banking facilities remain accessible even in the most remote parts of the Maldives, bridging geographical barriers while laying the groundwork for a fully connected banking ecosystem.
A major highlight of BML’s service innovation was the launch of fully online banking services last March, eliminating the need for physical visits to bank branches. This change has been especially beneficial for foreign tourists and expatriates, offering streamlined banking options that support a smooth travel experience within the island nation.
With user feedback overwhelmingly positive and usage metrics surging, BML’s digital-first strategy is positioning the Maldives as a model for modern financial infrastructure in the region. For international tourists, this translates into a seamless, tech-savvy experience, whether booking resort stays, making local purchases, or managing finances while enjoying the country’s turquoise waters and luxury hospitality.
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