Maldivian producers, entrepreneurs and small businesses operating in international markets will be able to receive customer payments directly in US dollars through the Bank of Maldives (BML) payment gateway from 1 November 2026, President Dr Mohamed Muizzu has announced.
The President revealed the new facility while speaking at the Maldives Expo 2026 awards ceremony, highlighting it as part of the Government’s continuing efforts to strengthen the business environment, improve access to international markets and address practical challenges faced by Maldivian enterprises engaged in cross-border trade.
The payment framework has been developed jointly by the Ministry of Economic Development and Trade, the Business Centre Corporation (BCC) and Bank of Maldives, bringing together key government and financial institutions to provide local businesses with a more efficient mechanism for handling international transactions.
Under the new arrangement, registered commercial entities will be able to accept payments from customers around the world directly in US dollars through the BML payment gateway. The facility is expected to be particularly valuable for Maldivian producers, online businesses, service providers, exporters and small enterprises seeking to expand their presence beyond the domestic market.
Businesses receiving foreign-currency payments will also be able to use those funds for essential international business expenses, including purchasing inventory from overseas suppliers, paying for business software subscriptions, making commercial remittances and carrying out card transactions. This is expected to reduce the need for repeated currency conversion and provide businesses with greater flexibility in managing their international cash flow.
President Muizzu said the Government is working to remove barriers that have historically limited the growth potential of small and medium-sized enterprises and entrepreneurs seeking access to international markets.
“We want to make it easier for SMEs to overcome the challenges they face and increase their income,” President Muizzu said. “By facilitating these processes, we want to create more opportunities for small and medium-sized businesses to grow and enable as many citizens as possible to start their own businesses and achieve financial independence.”
The initiative is expected to further strengthen the competitiveness of Maldivian businesses by giving entrepreneurs a more practical route to earn, retain and utilise foreign-currency revenue. For businesses selling Maldivian products and services internationally, easier access to US dollar settlements could also support wider participation in digital commerce and export-oriented activities.
The President also highlighted the scale of financial support already extended to the private sector under Government programmes. Approximately USD 51.6 million, equivalent to around MVR 795.7 million, has been provided in financing to more than 1,000 SME operators.
Further support has been extended through the Youth Entrepreneurship Programme, which was launched in mid-July. More than USD 19.5 million has been disbursed to over 3,000 recipients during the first phase of the programme, supporting young people seeking to establish and expand their own businesses.
The Government is preparing to launch the second phase of the Youth Entrepreneurship Programme in November, further expanding access to financing for aspiring entrepreneurs and growing enterprises.
Together with the introduction of direct US dollar payment capabilities, the financing initiatives form part of the Government’s broader economic agenda to encourage entrepreneurship, strengthen SMEs, improve financial independence and create new opportunities for Maldivian businesses to compete in regional and international markets.
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