In a recent LinkedIn post, Bank of Maldives (BML) CEO and Managing Director Mohamed Shareef unveiled an ambitious plan to install self-service banking ATMs on all inhabited islands by the end of 2025. Shareef emphasized that the Maldives’ unique geography presents challenges in providing widespread banking access. To address this, BML is deploying advanced ATMs that function as mini-branches, offering services such as cash deposits, fund transfers, loan payments, and credit card settlements. These machines act as cash recyclers, with deposits often surpassing withdrawals, enhancing operational efficiency.
Complementing the physical expansion, Shareef highlighted BML’s efforts to enhance digital banking platforms, including Internet Banking, Mobile Banking, and Mobile Wallets, enabling customers to conduct transactions anytime, anywhere. Recognizing the importance of financial literacy, BML staff are actively engaging with island communities to provide training on digital and ATM-based services and to raise awareness about savings and financial scams.
This initiative aligns with global trends toward digital transactions. However, given the current reliance on cash, especially in remote islands, Shareef views the self-service banking model as a vital transitional step toward a less-cash society. By strategically deploying ATMs alongside digital channels, BML aims to ensure financial inclusion across the Maldives while paving the way for a fully digital banking future.
