Bank of Maldives (BML) has commenced work on a new branch in Vilufushi island of Thaa atoll, furthering its efforts to expand banking access across the country.

A groundbreaking ceremony was held on Wednesday to mark the beginning of the project, which aims to provide improved and convenient banking services for residents, businesses, and nearby island communities.

The event was attended by President Dr. Mohamed Muizzu, government ministers, BML Chairperson Ahmed Ali Habeeb, CEO and Managing Director Mohamed Shareef, along with senior representatives from the Bank.

As part of the initiative, BML also launched a new Self-Service Banking ATM in Vilufushi under its nationwide “Mulhi Raajje ah BML ATM” programme, which is focused on improving access to essential banking services through technology.

The upcoming branch in Vilufushi will offer the bank’s full range of financial services, supporting both personal and commercial banking needs in the region. This development aligns with BML’s broader strategy to enhance its physical presence in the atolls and promote financial inclusion across the Maldives.

The country’s national bank currently operates the most extensive banking network in the island nation, with 42 branches in all 20 atolls, 173 Self-Service Banking Centers, 231 ATMs, a widespread Agent Banking network, and a full suite of digital banking services.