The cash agent banking service by Bank of Maldives (BML) has been launched in Hoandedhoo island of Gaaf Dhaal 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.
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.
With the introduction of the service in the island, the country’s national bank has reached its milestone of 100 cash agents providing services.
Aishath Noordeen, the Deputy CEO of BML expressed pride in having reached the important milestone and expressed hope to expand the service to more inhabited islands over the course of 2022.
Today represents an important milestone as we celebrate the introduction of Agent Banking services through our 100th Cash Agent. This is an integral 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 Self Service Banking Centre. We look forward to expanding the service to more inhabited islands over the course of this year.”Aishath Noordeen, the Deputy CEO of BML.
BML remains committed to support individuals, businesses and communities nationwide, with a network of 35 branches spanning 20 atolls, 76 self-service banking centers, 134 ATMs, over 200 agents and a full suite of digital banking services.
