Boris Plantier
Qorus
Head of Content & Awards
Financial inclusion has become a global challenge—whether due to the closure of bank branches in parts of Europe or the difficulty of serving vast and remote regions like the Maldives.
For the Bank of Maldives, the challenge is unlike any other: ensuring that every resident across more than a hundred scattered islands has access to essential banking services.
“Despite the country’s complex geography, the bank has met this challenge with remarkable dedication and innovation. In recognition of its exceptional commitment to financial inclusion, Qorus will soon present the Bank of Maldives with a special global award celebrating its impact and determination to ensure that no one is left behind,” said John Berry, CEO of Qorus.
This month, Bank of Maldives (BML) completed a major financial inclusion initiative, ensuring that every individual on all inhabited islands in the Maldives now has access to 24/7 banking services.
The “Mulhi Raajje ah BML ATM” project ensures that in addition to digital banking services, island populations have access to self-service banking ATMs. These multi-functional units enable individuals, families, and businesses in island communities to conveniently make:
• Cash deposits and withdrawals
• Cheque deposits
• Fund transfers across the network
• Loan repayments
• Credit card payments
• Bill payments
• Account balance inquiries
This represents the latest milestone in the Bank’s commitment to ensure that all Maldivians have access to convenient banking services that suit their needs and help them achieve their financial aspirations.
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The challenge of geography
The geographically dispersed nature of the country presents structural challenges. The Maldives consists of 1,190 islands (187 inhabited) spread across 90,000 sq km. This has meant that government and businesses have had to provide services through limited infrastructure with heavy reliance on maritime transportation.
As the national bank, BML has a long and proud history of investing in infrastructure that provides often underserved populations with access to modern banking services. Economic activity has traditionally focused on islands with larger populations, which have better infrastructure. This has created a constant financial inclusion challenge for smaller islands. However, Bank of Maldives has always been committed to leaving no community behind.
From boat banking to digital ATMs
In 2016, the Bank reached the milestone of a branch in every atoll, a significant achievement for its time. For many years, it provided banking to all islands first through Dhoni Banking—offering services via scheduled boat trips—and later through a comprehensive network of BML cash agents.
BML cash agents are local retailers who provide cash withdrawal services for BML customers through their merchant point-of-sale machines. With the establishment of self-service banking units on every inhabited island, cash agents are now being phased out.
Through branches, Dhoni Banking, cash agents, and comprehensive digital banking solutions, BML was able to bring communities into the formal banking system, ensuring individuals and businesses can receive and transfer money easily, build savings, and access financing.
The installation of a self-service banking unit on every island is the latest step in an ongoing mission to ensure that every Maldivian—whether in the capital city or one of the 187 inhabited islands—has access to the best possible banking service. This investment enables small rural communities to participate in and benefit from the country’s economic growth.
In parallel, the Bank has made strong progress on its digital-first policy through initiatives such as instant loans, digital onboarding for personal and business customers, enhanced communication via chatbots, and the introduction of new online products and services. Staff are also deployed across the country to raise awareness of digital services and promote financial and digital literacy.
Today, with 42 branches across all 20 atolls, 193 self-service banking centers, and 251 ATMs, Bank of Maldives is truly a bank for all Maldivians.
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The ATM rollout: A 9-month feat
In November 2024, BML set a target to roll out its ambitious “Mulhi Raajje ah BML ATM” program nationwide. At the time, only 81 islands, including Malé, had access to self-service banking ATMs.
The first ATM under the program launched in February 2025, and in just nine months, the Bank rolled out ATMs to 105 islands. The scale and speed of the project is unprecedented in the Maldives and required a complex, multi-stakeholder approach, including:
• Close collaboration with government agencies to secure land space on remote islands through local councils
• Introduction of prefabricated ATM housing, reducing build time from six months to just days
• Speeding up procurement to source state-of-the-art ATM recyclers
• Multi-stakeholder effort to transport and install each ATM across the 105 islands
• Educating island communities on ATM usage for sustainable banking
• Navigating rough seas and adverse weather conditions
• Working with islands with limited infrastructure and often without harbors or jetties
• Cross-functional BML teams working around the clock to manage the project alongside external stakeholders.
Why it matters
BML has historically introduced many banking firsts in the country, including debit and credit cards, ATM services, and internet banking. Since 2007, customers have benefited from internet banking, and since 2015, mobile banking, allowing account management, loans, credit cards, overseas transfers, and more—without visiting a branch.
These services are part of the Bank’s ongoing digital-first policy, delivering fast, relevant, and easy digital experiences. Today, over 104 million, or 99.6%, of all BML transactions occur on digital channels. This digital adoption is supported by investment in submarine cables and the rollout of 4G and 5G networks, expanding internet access, increasing speed, and reducing costs.
For many Maldivians, cash access remains critical. The “Mulhi Raajje ah BML ATM” program addresses this need, handling over 14 million transactions worth more than MVR 40 billion annually.
Two case studies illustrate the impact:
• Shaviyani Atoll: Residents previously had to take a 20–30 minute dinghy ride to reach the nearest ATM, costing US$12–32, often in adverse weather. Now, a self-service ATM on their island removes these barriers.
• Gaaf Dhaal Atoll: Small businesses faced logistical and financial challenges accessing banking services. Multi-functional ATMs now provide safe, convenient service, supporting both personal and business banking needs.
With the completion of this project, banking for individuals and SMEs has been transformed, alleviating daily struggles and enabling economic growth in small rural communities.
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CEO perspective
BML CEO and Managing Director Mohamed Shareef said:
"We are proud to have delivered this project that ensures financial inclusion across all islands. These multi-functional ATMs are important community assets that will transform lives. Rolling out 105 islands in just nine months is testament to the Bank’s commitment to the communities we serve. Every Maldivian, whether in the capital or the atolls, deserves access to the best possible banking service."
More ways BML supports communities
The ATM rollout is one of many initiatives demonstrating BML’s commitment to financial inclusion:
• In 2024, partnered with MIFCO to enable 24/7 payments to fishermen, ensuring funds are received within 48 hours of catch delivery
• Reduced interest rates for education financing to 2.5% (BML Kiyavaa Loan and Education Financing)
• Reduced home loan equity requirements from 20% to 5%, making home ownership more accessible
• Enhanced Home Construction loans, allowing borrowing up to MVR 3 million without additional security.
These initiatives are implemented prudently and sustainably:
• Total assets: MVR 52 billion (over half of the country’s banking sector)
• Deposit base: MVR 34 billion (52% of all deposits)
• Net loans and advances: MVR 23 billion (52% of all loans nationally).
BML continues to reinvest profits in communities, ensuring Maldivians benefit from a modern banking network and can achieve their financial goals.