News Desk
MALE’, Maldives — In a move to ensure greater financial participation of the people, the government has signed agreements with the Bank of Maldives (BML) and the Maldives Islamic Bank (MIB) to expand the reach of automated teller machines (ATMs) across the archipelago.
“A total of 190 ATMs are currently being provided in 90 islands and the aim is to install more than 100 ATMs in more than 100 islands next year,” said Mohammed Shareef, the CEO of BML, as the first phase of the initiative.
The expansion is part of the government’s broader efforts to improve financial inclusion and access to banking services, particularly in the remote corners of the Maldives. During a ceremony at the President’s Office, Dr. Mohammed Muizzu, inaugurated the newly installed ATM in the island of ADh Omadhoo.
The government is committed to ensuring the financial participation of the people in the economy,” said Mohamed Saeed, the Minister of Economic Development and Trade, who signed the agreements on behalf of the government.
Under the agreements, BML will install ATMs in 17 islands by March 2025, and the total number of ATMs in far-flung islands is expected to exceed 250 by the end of the year. Meanwhile, MIB will install ATMs in 19 islands, expanding its services to 16 atolls from the current 12.
MIB currently has 39 ATMs on 18 islands in 12 atolls, and this agreement will allow MIB to further its reach and provide more Maldivians with access to MIB services. MIB is a popular Sharia-compliant bank among Maldivians.
The initiative is a significant step forward in the Maldives’ efforts to bridge the digital divide and ensure that all citizens have access to essential financial services, regardless of their geographic location.
