In a significant move to bolster the financial resilience of the Maldives’ fishing community, the Bank of Maldives (BML) has partnered with the Ministry of Fisheries and Ocean Resources to provide tailored financial solutions to fishermen.
Under a newly signed Memorandum of Understanding (MoU), fishermen registered on the National Fishermen’s Register can now access a suite of credit facilities, including personal financing up to MVR 300,000 without the need for collateral or equity. This initiative also introduces flexible repayment schedules that align with the seasonal nature of fishing incomes, marking a first in the nation’s financial services sector.
“Our aim is to enhance fishermen’s access to credit facilities,” stated Mohamed Shareef, CEO and Managing Director of BML. “This collaboration allows us to provide financial solutions that recognize the unique earning patterns and seasonal challenges faced by our fishermen, supporting their livelihoods in a sustainable manner.”
Beyond personal financing, the agreement enables eligible fishermen to apply for various home financing options, including Home Build Financing, Home Purchase Financing, and Home Construction Financing. Applications for these services can be conveniently submitted through BML’s Internet or Mobile Banking App, ensuring accessibility across the Maldives.
This partnership reflects a broader commitment to the sustainable development of the fisheries sector, a vital component of the Maldivian economy. By addressing the specific financial needs of fishermen, the initiative aims to foster economic growth and stability within coastal communities.
The MoU was formally signed by Ahmed Shiyam, Minister of Fisheries and Ocean Resources, and Mohamed Shareef, CEO and Managing Director of BML. This collaboration underscores the importance of cross-sector partnerships in driving inclusive economic development.
As the Maldives continues to prioritize the advancement of its fisheries sector, initiatives like this set a precedent for innovative financial solutions that cater to the unique needs of its workforce.
