The Maldives Monetary Authority (MMA) is targeting more than 80 percent Maldivian representation in management-level positions across the country’s banking sector within the next five years, Governor Ahmed Munawwar has announced.
Speaking at the official launch of Maldives Premier Bank, attended by President Dr. Mohamed Muizzu, Munawwar said developing local professionals capable of taking on senior positions would be a key priority for the central bank in the coming years.
Foreign professionals currently account for around 40 percent of management-level positions within the Maldivian banking industry, according to the Governor.
MMA’s goal is to bring that proportion down to 20 percent or lower over the next five years, allowing Maldivians to occupy more than four out of every five management positions in the sector.
“Our vision is to reduce this figure to 20 percent or lower over the next five years, ensuring that more than 80 percent of management positions are filled by Maldivians,” Munawwar said.
Achieving that target will require greater investment in specialised banking skills and professional development, particularly among younger Maldivians entering the financial sector.
As part of those efforts, Munawwar said an agreement has already been signed with the Asian Institute of Chartered Bankers (AICB) to support the development of technical expertise within the industry.
MMA also plans to establish a Human Capacity Development Fund next year in partnership with commercial banks.
The fund will be used to invest in developing qualified Maldivian professionals for the banking industry, creating a longer-term pipeline of local talent capable of moving into technical and senior management positions.
Munawwar’s remarks also touched on the financial performance and ownership structure of the domestic banking industry.
Maldivian banks collectively recorded MVR 5.15 billion in profit before tax during 2025, according to figures cited by the Governor.
At the same time, Munawwar said approximately USD 200 million in bank profits had flowed out of the Maldives over the past five years.
He highlighted the figure while stressing the importance of strengthening locally owned banks and creating greater opportunities for Maldivians to invest in the financial sector.
Increasing domestic participation in banking, he said, could allow a larger share of the wealth generated by the industry to remain within the Maldivian economy.
The comments were made during the launch of Maldives Premier Bank, adding another institution to the country’s banking landscape as authorities seek to expand and strengthen the domestic financial sector.
Alongside workforce development and greater local participation, Munawwar also highlighted technology as an increasingly important part of the future of banking in the Maldives.
The government is pursuing a wider digital transformation agenda under its “Maldives 2.0” initiative, which seeks to expand the use of digital technology across government services and the broader economy.
Munawwar urged banks to embrace digital banking and emerging technologies as the sector evolves, while ensuring that greater digitalisation does not come at the expense of security.
He stressed that cybersecurity must remain a priority as financial institutions introduce new technologies and services, particularly given the importance of maintaining customer confidence in the banking system.
With banks among the most profitable businesses operating in the Maldives, the Governor said greater investment in Maldivian professionals, local participation and technological capacity would be important as the financial sector continues to develop.
Under MMA’s five-year target, the share of management positions held by foreign professionals would effectively be halved, from around 40 percent today to no more than 20 percent, with Maldivians taking the overwhelming majority of senior banking roles.
