More than 3,000 young entrepreneurs across the Maldives have received over MVR 300 million in financing under the first phase of the Youth Entrepreneurship Financing initiative, providing a significant boost to youth-led businesses and supporting wider national efforts to strengthen entrepreneurship, private-sector participation and economic opportunities for young Maldivians.
The financing initiative, introduced by Bank of Maldives in collaboration with SME Digital, was designed to address one of the most significant challenges facing aspiring young entrepreneurs — access to affordable capital. By providing financing on accessible terms, the programme enables young Maldivians to transform business ideas into commercially viable enterprises while also supporting existing micro and small businesses seeking opportunities for expansion.
The facility is available to Maldivians between the ages of 18 and 30 and offers collateral-free financing of up to MVR 150,000. Beneficiaries are not required to provide an equity contribution, making the programme particularly accessible to first-time entrepreneurs and young people who may have promising business concepts but lack the assets or capital traditionally required to secure commercial financing.
The successful completion of the first phase, which has resulted in more than MVR 300 million being provided to over 3,000 young entrepreneurs, demonstrates the considerable interest among Maldivian youth in developing businesses and contributing more actively to the country’s economy. The response also highlights the growing potential of youth entrepreneurship as an important component of economic diversification and employment generation across the Maldives.
Bank of Maldives CEO and Managing Director Mohamed Shareef said the strong response to the initiative demonstrated the enthusiasm among young people to pursue entrepreneurship and establish sustainable businesses.
“It is encouraging to see such a strong response from young people to this initiative. We are proud to support aspiring entrepreneurs as they turn their ideas into viable businesses and develop the skills and capabilities needed to build sustainable enterprises and achieve long-term success,” Shareef said.
The financing programme is expected to provide young entrepreneurs with greater confidence to enter a wide range of economic sectors, including retail, services, technology, creative industries, tourism-related services, fisheries, food production and other emerging business areas. For young people living outside the capital, improved access to financing can also create opportunities to establish locally based enterprises, generate employment and expand economic activity within island communities.
SME Digital CEO Badhurudheen Hassan said the results of the first phase reflected the ambition and entrepreneurial drive demonstrated by young Maldivians. He noted that providing more than MVR 300 million to over 3,000 youth entrepreneurs had created greater opportunities for beneficiaries to establish new ventures and strengthen existing businesses.
“Building on the success of this first phase, we look forward to expanding these opportunities and supporting more young entrepreneurs in the next phase,” Hassan said.
Beyond financing, the initiative has been structured to provide entrepreneurs with practical assistance required to establish, manage and sustainably expand their businesses. This approach recognises that access to capital alone may not be sufficient for new entrepreneurs and that business knowledge, mentorship, financial management skills and proper formalisation are equally important in building successful enterprises.
As part of this support framework, SME Digital has partnered with Business Center Corporation to provide beneficiaries with mentorship, business training and assistance in formalising their enterprises. The coming weeks will focus on delivering these services to entrepreneurs who received financing during the first phase, helping them strengthen their operational capabilities and develop more sustainable business models.
The additional support is expected to assist beneficiaries in areas such as business planning, financial management, regulatory requirements, business registration and long-term enterprise development. Providing young entrepreneurs with structured guidance during the early stages of their businesses can also improve their ability to manage financing responsibly, identify market opportunities and build enterprises capable of sustainable growth.
The Youth Entrepreneurship Financing facility is being implemented in phases, allowing beneficiaries in each stage to receive the necessary financing and business development support before applications are opened to another group of entrepreneurs. The phased approach is intended to ensure that the programme combines financial assistance with continued capacity-building rather than operating solely as a financing mechanism.
Applications for Phase 2 of the initiative are scheduled to open on 1 November 2026, creating another opportunity for young Maldivians between the ages of 18 and 30 to obtain financing and pursue their entrepreneurial ambitions. The second phase is expected to further broaden participation and provide additional young people with the resources required to establish businesses or expand promising ventures.
The initiative complements the Maldives’ broader focus on creating opportunities for young people, encouraging enterprise development and increasing the participation of micro, small and medium-sized businesses in the national economy. Supporting young entrepreneurs can contribute to employment creation, innovation and greater economic activity while allowing more Maldivians to develop independent sources of income and participate directly in the country’s development.
The strong participation recorded during the first phase also illustrates the increasing willingness of young Maldivians to consider entrepreneurship as a long-term career and economic opportunity. With greater access to financing, professional mentorship and business development assistance, youth-led enterprises have the potential to become an increasingly important contributor to the Maldives’ private sector and wider economic growth.
Bank of Maldives and SME Digital have reaffirmed their commitment to expanding access to finance, strengthening the country’s entrepreneurial ecosystem and creating greater economic opportunities for the next generation of Maldivian entrepreneurs. The continued expansion of the programme is expected to support the Government’s broader efforts to empower young people, strengthen small businesses and encourage a more diverse and resilient national economy.
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