A major boost to financial inclusion is underway as the Bank of Maldives (BML) expands its presence in Raa Atoll with the establishment of a new branch in Alifushi and the inauguration of ATM services across every inhabited island in the atoll. The initiative reflects a decisive step towards strengthening access to modern banking services in communities scattered across the archipelago.
The foundation stone for the Alifushi branch was laid in a special ceremony led by Minister for Cities, Local Government and Public Works, Adam Shareef Umar. The event was attended by BML Chief Executive Officer Mohamed Sharif, senior officials of the bank, local council representatives, and Members of Parliament. Minister Adam Shareef described the new branch as a driver of progress for the island, underscoring the bank’s renewed dedication to community partnership.
In his remarks, CEO Mohamed Sharif highlighted the crucial importance of ensuring that even the most remote communities benefit from BML’s banking network. While the Maldives continues its path toward digitalisation, he stressed that physical access points remain indispensable for residents, providing essential financial services that support day-to-day life.
Alongside the branch foundation ceremony, Minister Adam Shareef and the BML CEO presided over a series of inauguration events for new ATM services in Vaadoo, Rasgetheemu, Angolhitheemu, Hulhudhuffaaru, Maakurathu, Fainu, Kinolhas, Rasmaadhoo, and Innamaadhoo. At each ceremony, the Minister symbolically withdrew cash from the newly installed machines and presented ATM cards to the local island councils, marking a transfer of empowerment and responsibility to the communities themselves.
The self-service ATMs, available 24 hours a day, provide both cash withdrawal and deposit facilities, greatly improving convenience for residents while reducing the need for long travel to access financial services. For many islands, this represents the first time such services are available directly within the community, creating new opportunities for economic participation.
This expansion highlights the strong collaboration between the government and BML to bridge geographical divides across the Maldives. By ensuring every inhabited island in Raa Atoll now has access to modern financial infrastructure, the initiative aligns with the wider national objective of inclusive economic growth.
BML’s ongoing investments reinforce its standing as the country’s leading financial institution, with an extensive nationwide presence that includes 42 branches spread across all 20 atolls, 180 Self Service Banking Centres, 238 ATMs, and comprehensive digital banking services. For residents and visitors alike, the expansion reflects how financial innovation continues to adapt to the unique geography of the Maldives, ensuring services are closer, faster, and more reliable.
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