BML introduces new financing facility providing up to MVR 150,000 without requirement of any collateral
The President today inaugurated seven new BML branches and introduced a financing facility offering up to MVR 150,000 without collateral for young entrepreneurs. Additionally, the "Swipe" service, which facilitates the opening of international accounts, was officially launched.
President launches BML's "Youth Entrepreneurship Financing" facility | Presidents Office
President Dr. Mohamed Muizzu on Wednesday officially launched the "Youth Entrepreneurship Financing" facility, a specialized scheme designed for aspiring business owners.
The "Youth Entrepreneurship Financing Facility," launched this morning at the opening ceremony of the "Youth Entrepreneurs Expo" held at Barcelo Nasandhura, is a joint initiative between the Bank of Maldives (BML) and SME Development Finance Corporation (SDFC).
This facility is designed to empower Maldivian youth to establish small and medium-sized enterprises and to facilitate the transformation of innovative ideas into sustainable businesses.
This facility is open to youth between the ages of 18 and 30, offering financing without the requirement of collateral or equity. According to the President's Office, eligible applicants can secure up to MVR 150,000, providing aspiring entrepreneurs and freelancers with the necessary capital to launch or expand their ventures.
Furthermore, during the ceremony, President Muizzu officially inaugurated seven new Bank of Maldives branches. These branches have been established in HA. Hoarafushi, Sh. Kanditheemu, R. Alifushi, Lh. Hinnavaru, ADh. Maamigili, GA. Gemanafushi, and L. Maavah. With these additions, BML now provides services through a total of 55 branches across all 20 atolls. This includes 17 branches opened within the past two years.
Furthermore, the opportunity to open international accounts through "Swipe"—a 100 percent Maldivian-developed product—was officially launched during today's ceremony. The service was inaugurated by Ahmed Ali Habeeb, Chairperson of the Bank of Maldives. With the introduction of this service, customers can now conveniently open accounts in U.S. Dollars, British Pounds, and Euros.
The government has announced an ambitious target to ensure that the digital economy accounts for 15 percent of the Maldives' Gross Domestic Product (GDP) by the year 2030.
