The cash agent banking service by Bank of Maldives (BML) has been launched in Maalhos island of Baa atoll.
The cash agent banking service uses local retailers to provide cash withdrawal and deposit services to residential islands without a branch or established ATM.
Tim Sawyer, the Managing Director and CEO of BML expressed hope to expand the service to 100 inhabited islands over the next few months. The service is currently available in 75 islands, the latest being Maalhos.
“Today represents an important milestone as we celebrate the 75th island to benefit from our Cash Agent banking services. This is part of our financial inclusion strategy to enable customers to easily access basic banking services across residential islands without the need to travel to an island with a Branch or ATM. We look forward to expanding the service to 100 inhabited islands over the next few months.”Tim Sawyer, the Managing Director and CEO of Bank of Maldives.
The service of cash agent banking was introduced in 2015, with cash withdrawal services. However, presently BML cash agents are able to facilitate withdrawals, deposits and payments for loans or credit cards without any additional charges.
BML has set a daily withdrawal limit of MVR 2,000 through cash agents, with the deposit limit set at MVR 10,000.
BML remains committed to support individuals, businesses and communities nationwide, with a network of 35 branches spanning 20 atolls, 73 self-service banking centers, 134 ATMs, over 200 agents and a full suite of digital banking services.
