The Chief Executive Officer of SME Digital, Badhurudheen Hassan, has outlined a series of reforms aimed at enhancing customer service following the company’s transition from the former SME Development Finance Corporation into a subsidiary of the Bank of Maldives.
Speaking on the Trade Desk programme, Badhurudheen said the organisation has adopted a “relationship banking” approach, assigning each client a dedicated officer to manage their accounts and services. The shift, he explained, is intended to simplify communication and reduce the need for customers to interact with multiple staff members.
Operational Independence with New Standards
Despite operating under BML, SME Digital continues to function with its own board and management structure. The CEO said several internal changes have been introduced to strengthen governance and improve service delivery.
As part of these reforms, the company is updating its policies to align with regulatory standards set by the Maldives Monetary Authority. Efforts are also underway to integrate SME Digital’s services more closely with BML’s digital platforms.
Customers can now make loan repayments through BML’s mobile application, a move officials say is designed to improve convenience and accessibility.
Expanding Islamic Finance
Badhurudheen also highlighted plans to expand Islamic finance offerings, with the long-term goal of transitioning SME Digital into a fully Shariah-compliant institution.
To support this, the company has established a Shariah Advisory Board comprising experts with experience serving on similar boards at international financial institutions.
Support for Struggling Borrowers
In addition, SME Digital is working to introduce Shariah-compliant refinancing solutions for customers facing repayment challenges, providing alternative options that align with Islamic finance principles.
Officials say the reforms reflect a broader effort to modernise SME financing in the Maldives, improve customer experience and expand access to financial services tailored to the needs of small and medium enterprises.
