Bank of Maldives (BML) has announced that Micro, Small and Medium Enterprises (MSMEs) can now apply for the BML Payment Gateway, providing local businesses with a direct and convenient channel to accept payments from customers overseas.
The service is expected to strengthen opportunities for Maldivian businesses operating in international markets, particularly enterprises offering tourism-related services, digital products, professional services, online retail and other export-oriented offerings. Payments made using international cards will be settled in US dollars, allowing businesses to receive foreign currency directly through the banking system.
According to BML, the US dollars received through the payment gateway can be used without restriction for subscriptions and other international payments through a USD debit card linked to the respective account. The facility is expected to give MSMEs greater flexibility in managing overseas business expenses while improving their ability to serve international customers.
Businesses seeking to access the service can submit applications through the Business Centre Corporation (BCC) portal, which is scheduled to become available later today. Once BCC refers an application to the Bank, BML will contact the business directly to obtain the necessary documentation and complete the registration and onboarding process. The payment gateway will be activated after all required procedures are completed.
The initiative is being implemented in partnership with the Ministry of Economic Development, Transport and Trade and the Business Centre Corporation, reflecting the Government’s continued focus on strengthening the MSME sector, improving access to modern financial services and creating greater opportunities for Maldivian businesses to participate in the global digital economy.
By enabling local enterprises to receive international card payments directly in US dollars, the new service is expected to support business growth, improve foreign currency accessibility and enhance the competitiveness of Maldivian MSMEs seeking to expand beyond the domestic market.
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