In a groundbreaking move to promote financial literacy among the younger generation, the Bank of Maldives (BML) has introduced the country’s first-ever Student Debit Card. The launch event, held at Hotel Jen in Malé, showcased the bank’s commitment to equipping children with essential money management skills from an early age.
Targeted at children aged seven and above, the BML Student Debit Card is designed to instill practical financial habits and a sense of independence. Parents can seamlessly transfer funds, monitor expenditures, and manage card functionalities through the BML Mobile Banking App. This initiative aims to provide a controlled environment where children can learn the value of money and responsible spending.
Issued as a Visa Debit card, the Student Card comes with zero fees and is valid for both local and international transactions. A unique feature of this card is the annual 0.5% rebate on the total amount spent, which is automatically credited to the child’s savings account at the end of the year. This encourages children to develop saving habits alongside spending.
BML’s CEO and Managing Director, Mohamed Shareef, emphasized the significance of this initiative, stating, “We are proud to introduce another industry-first innovation from Bank of Maldives. The BML Student Card is designed to equip students with the tools to manage their finances responsibly long before they reach adulthood. By fostering financial literacy from an early age, we aim to cultivate a generation that is confident and knowledgeable about financial services.”
The card is available in two distinct designs: one tailored for children aged 7 to 12 and another for teenagers aged 13 to 17. Parents can apply for the Student Card directly through the BML Mobile Banking App, which also offers features like freezing/unfreezing the card, blocking it, or changing the PIN. For enhanced security, One-Time Password (OTP) verifications for online or high-value transactions are sent to the parent’s registered mobile number.
This launch aligns with BML’s broader efforts to support Maldivian students, both domestically and abroad. In November 2024, the bank increased the monthly foreign transaction limit for students studying overseas to USD 1,200, acknowledging the financial challenges faced by students abroad. Students can register for this increased limit through the BML Student Portal, submitting necessary documents such as a copy of their passport, student visa, and an enrollment letter from their educational institution. Once registered, the new limit is activated within one business day, providing students with greater financial flexibility while studying overseas.
As the leading financial institution in the Maldives, BML continues to pioneer innovative banking solutions that cater to the evolving needs of its customers. The introduction of the Student Debit Card marks a significant step towards empowering the youth with the knowledge and tools necessary for financial independence.
