The Bank of Maldives (BML) has played a pivotal role in the economy of the Maldives in the past 40 years, says the bank’s Chairperson, Yooshau Saeed.
Yooshau made these remarks while speaking at an event the country’s national bank held on Thursday evening to celebrate its 40th anniversary at Crossroads.
Shedding light on BML’s operations upon inception back in 1982 with just 10 employees dedicated to raising public awareness on general banking, traveling to the atolls to ensure accessible services, Yooshau noted that the bank has since developed to become the largest bank in the archipelago nation.
As such, speaking at the event, Yooshau noted that BML has evolved to be largest bank in Maldives with the “widest” banking footprint, largest investment in the industry and the biggest financial sector employer.
He added that BML began its journey by financing projects to sustain the economic landscape of the country, adding that the “vibrant” journey has seen significant milestones achieved. However, this journey has not been without challenges, he stated.
Stressing that BML stood as a pillar of support to the economy during stressful times such as the mid-2000’s financial crisis and recent pandemic, Yooshau noted that the bank’s financial strength and robust presence played a pivotal role in keeping the island nation’s economy afloat during the uncertainty of Covid-19.
Further, he went on to note that it was BML’s highest priority to ensure uninterrupted essential banking services, provide immediate support to help individuals and businesses weather the storm and together with the government, secure financing support from international funding agencies.
Shedding light on the significance of bringing positive changes to their products and services, Yooshau announced the reduction of the interest rate for BML’s student loan.
BML Kiyavaa Loan is an opportunity for students to further their studies and I am pleased to share that we will be reducing its interest rate from 9% to 5% with effect from 1st February. This positive change will be extended to all Kiyavaa Loans, including all existing loans.”Yooshau Saeed, BML’s Chairperson.
Yooshau went on to emphasize on the many services BML first launched in the country over the past 40 years, noting that all modern financial services that Maldivians are accustomed to have been introduced by BML, from ATMs to card services, internet banking, POS machines and cashless payment methods.
With our exceptional reach and presence in the lives of every individual, we are also under continuous scrutiny. I assure our customers of our continued focus on improving, adapting to, and meeting your needs, and in the year ahead, the Bank will prioritize digital solutions to ensure the Bank remains your bank of choice.”Yooshau Saeed, BML’s Chairperson.
BML remains committed to supporting individuals, businesses, and communities across the archipelago nation with a nationwide network of 35 branches spanning 20 atolls, 82 self-service banking centers, 140 ATMs, over 200 agents and a full suite of digital banking services.