The Bank of Maldives (BML) has announced a series of enhancements to its Advance Merchant Settlement facility, introducing a simplified application process, faster approvals and increased financing limits for eligible businesses.
According to the bank, the revised facility is aimed at improving access to working capital for merchants by reducing application requirements and shortening processing times.
Under the updated arrangements, applications for the financing facility will now be processed within five working days, significantly reducing the turnaround time compared to the previous process.
Eligible merchants can also access financing of up to MVR 2 million, with the amount determined based on their card settlement history through BML Merchant Services.
BML Chief Executive Officer and Managing Director Mohamed Shareef said the changes are intended to strengthen financial support available to businesses across the Maldives.
He said simplifying the application process and expanding access to financing would help merchant partners better manage their operational requirements while supporting long-term business growth.
To qualify for the facility, merchants must have accepted card payments through BML Merchant Services for a minimum of six months, maintain an average monthly card sales volume of at least MVR 20,000, and have no overdue financial obligations with any financial institution.
The bank said repayments will continue to be automatically deducted from merchants’ daily card settlements, allowing businesses to repay financing without separate monthly instalments.
Applications for the facility can be submitted through the Message Centre on BML Internet Banking or via the BML Mobile Banking App.
The Advance Merchant Settlement facility is one of several financing solutions offered by BML to support businesses operating in the Maldives. The bank said the latest improvements form part of its ongoing efforts to make financing more accessible while helping merchants meet operational expenses and invest in future growth.
