A nationwide initiative to install Automated Teller Machines (ATMs) on every inhabited island is transforming access to banking services across the Maldives, significantly reducing the financial and logistical burdens long faced by island communities. The project, implemented under the directive of President Dr Mohamed Muizzu, is led by the Bank of Maldives (BML) as part of a broader effort to strengthen the country’s financial infrastructure.
BML Chief Executive Officer Mohamed Shareef, speaking to PSM News during the President’s recent visit to Baa Atoll, confirmed that the bank has been tasked with installing ATMs in 103 additional islands before the end of the year. Since January, 44 new ATMs have already been brought into operation, bringing BML’s nationwide network to more than 250 machines. The scale of this expansion represents one of the most comprehensive banking accessibility drives in the nation’s history.
For many residents of smaller and more remote islands, accessing essential banking services previously required costly and time-consuming travel to other locations. The new ATMs are removing these barriers, allowing residents to conduct transactions such as withdrawals, deposits, and transfers without leaving their home islands. Enhanced digital capabilities linked to the machines also enable account openings, loan applications, and other banking processes to be initiated remotely.
Shareef noted that the impact is already visible in customer behaviour, with a marked increase in deposits being made from islands where ATMs have recently been installed. He explained that previously, large sums of cash including business earnings often remained unbanked, kept in households or local businesses due to the difficulty of accessing banking facilities. Now, with greater confidence in the ability to withdraw and deposit funds at any time, residents are integrating their money into the formal banking system.
“This change is fostering real economic progress,” Shareef said. “When funds are deposited, they can circulate through the financial system, enabling essential banking activities such as loan provision. This supports entrepreneurship, local investment, and economic growth across the islands.”
BML’s expansion is part of the government’s wider policy goal to ensure equitable access to financial services for all Maldivians, regardless of population size or geographic location. By connecting remote communities to the formal banking network, the initiative is expected to strengthen financial inclusion, promote savings, and encourage sustainable local economic development benefits that ultimately enhance the country’s stability and prosperity.
For visitors to the Maldives, the improved ATM coverage also means easier and more reliable access to cash when travelling between islands, complementing the tourism industry’s emphasis on convenience, safety, and world-class service. With the project on track to meet its target by year-end, the Maldives is advancing toward a fully connected national banking network that serves both its citizens and its global guests.
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