BML expands cash deposit, payment services in atolls

Bank of Maldives (BML) has introduced deposit and payment services through agents spanning 12 more islands.

The country’s national bank on Sunday revealed that they have increased their agent banking by 12 more, to provide cash deposits and payment services.

With the new changes, a total of 62 agents across the country will not be providing cash deposit and payment services, at no additional cost.

BML customers can now make cash deposits of up to MVR 10,000 on a daily basis and payments for loans and credit cards through the agents.

Further the national bank revealed that customers may now withdraw up to MVR 2,000 on a daily basis, without any additional costs.

BML, which has been playing an active role to continuously provide services to customers who have been limited to their residences due to the precautionary measures and restrictions in the face of the ongoing Covid-19 pandemic, introduced agent banking services in 2014 under its financial inclusion strategy to enable customers to easily access basic banking services across residential islands without the need to be present at the bank.

Currently the bank has over 200 agents providing cash withdrawal services and 62 agents providing cash deposits as well as payment services free of charge.