SME Digital has launched a new mobile application aimed at giving small and medium enterprises easier access to financing and business support services across the Maldives.
The new platform forms part of SME Digital’s broader transition towards digital service delivery, allowing customers to access and manage a range of services without having to rely on conventional in-person processes.
Through the application, businesses will be able to submit applications for SME Digital services and monitor their progress through real-time status updates.
Customers with existing financing facilities will also be able to view and manage them through the app, make payments, receive notifications and important service updates, and communicate directly with SME Digital.
The company said the application has been developed around providing entrepreneurs with a simpler and more convenient way to interact with its services regardless of their location.
Speaking following the launch, SME Digital CEO Badruddin Hassan said improving digital access has been a key part of the institution’s efforts to simplify financing and service management for entrepreneurs.
He described the application as another major step towards SME Digital’s goal of becoming a fully digital financial institution, adding that its capabilities will continue to expand.
“The introduction of our mobile app symbolises our effort to provide fast and convenient financial services in line with the evolving needs of small and medium enterprises,” Badruddin said.
SME Digital has already identified several additional services it intends to introduce through the platform.
Among the planned additions is an online marketplace for SMEs, which will allow businesses to list and sell their products and services through the platform. Further features are also expected to be introduced as development of the application continues.
The SME Digital Mobile App is expected to become available on both the Apple App Store and Google Play shortly.
However, access will not become available to all customers simultaneously. SME Digital said the service will be activated in phases, with customers to be notified when access has been enabled for their accounts.
Expanding digital access to financing can be particularly significant for businesses operating outside the Greater Malé region, where geographical distances can make accessing centralised financial and administrative services more challenging.
Small and medium enterprises account for a broad range of economic activity in the Maldives, spanning retail, tourism-related businesses, food production, services and other sectors. Access to financing and business development support has consequently remained an important component of efforts to encourage entrepreneurship and diversify economic activity.
SME Digital said the new application forms part of its wider strategy to use technology to make financial services more accessible to businesses throughout the country and promote greater financial inclusion.
