Bank of Maldives (BML) CEO and Managing Director Mohamed Shareef used his keynote address at the BML Youth Entrepreneurs Expo 2026 to defend the bank against what he described as misinformation, highlight its financial performance, and announce new initiatives aimed at strengthening youth entrepreneurship and the country’s digital economy.
The event, held at Barceló Nasandhura and attended by President Dr. Mohamed Muizzu, also marked the launch of BML’s MVR 1 billion Youth Entrepreneurship Financing Scheme in partnership with SME Digital.
BML rejects claims over dollar shortage and governance
Shareef strongly dismissed claims circulating on social media and in some news reports that BML is facing a US dollar shortage or is being managed without professional standards.
He said the bank is currently selling around USD 80 million every month for travel, education, medical expenses, telegraphic transfers and card transactions, compared with USD 21 million per month in 2021 and USD 37 million in 2023.
He also noted that BML issued USD 226 million in dollar loans during the first half of 2026, while total dollar lending to businesses, particularly the tourism sector, has reached USD 860 million, double the level recorded by the end of 2023.
According to Shareef, narratives suggesting the bank lacks foreign currency only serve to fuel the black market.
Highlights bank’s record financial strength
The CEO said BML remains one of the country’s strongest financial institutions, pointing to significant growth in its capital base, lending portfolio and deposits.
He revealed that:
- Bank capital has reached over MVR 16 billion.
- Total assets have increased to more than MVR 60 billion this year.
- Total lending stands at above MVR 30 billion.
- Customer deposits exceed more than MVR 41 billion.
- The bank’s Capital Adequacy Ratio is around three times higher than the legal requirement.
Shareef stressed that every decision taken by the bank is subject to strict regulatory oversight, international compliance standards, external audits, and supervision by the Maldives Monetary Authority (MMA) and the Capital Market Development Authority (CMDA).
Defends financing for national projects
Addressing criticism over financing government contractors and housing developments, Shareef said supporting infrastructure projects directly contributes to national economic growth and employment.
He added that BML’s collaboration with the government is expected to help deliver around 4,000 housing units, describing housing as one of the country’s biggest social challenges.
Shareef also defended the bank’s continued investment in expanding branches and ATM services across the islands, saying every Maldivian deserves equal access to banking regardless of where they live.
Banking services from birth to entrepreneurship
Shareef outlined BML’s strategy of supporting citizens throughout different stages of life.
He said the bank opens savings accounts for newborns, introduces student cards to improve financial literacy, supports higher education through loans and overseas transaction facilities, and now provides financing specifically designed for young entrepreneurs.
The bank issued more than MVR 10 billion in new loans last year and MVR 8 billion during the first half of this year, reflecting continued support for economic growth.
He also announced the completion of BML’s nationwide branch expansion programme, with 17 new branches opened over the past two years, including seven inaugurated earlier in the day by President Muizzu.
Swipe digital wallet expands global capabilities
A major focus of Shareef’s speech was BML’s digital wallet, Swipe, which he described as a key part of President Muizzu’s vision to grow the digital economy to 15 percent of GDP by 2030.
He said Swipe now has more than 20,000 users, supports international remittances, peer-to-peer transfers and merchant payments at over 3,300 businesses nationwide.
Foreign nationals can also register through electronic Know Your Customer (e-KYC) verification to send money to the Maldives and make local payments.
BML is also working with Alipay, WeChat Pay, Mastercard and Visa to enable international digital payments without requiring physical cards, with the service expected to launch later this year.
International accounts for freelancers and creators
Shareef announced a new Swipe feature allowing customers to open international accounts in US dollars, British pounds and euros, each with its own International Bank Account Number (IBAN).
He said the service will enable Maldivian freelancers, content creators and entrepreneurs to receive overseas payments directly from international clients before transferring funds to their BML accounts.
Shareef described the initiative as a major step forward for young Maldivians working in the global digital economy.
MVR 1 billion scheme targets young entrepreneurs
Concluding his address, Shareef officially introduced BML’s MVR 1 billion Youth Entrepreneurship Financing Scheme, describing it as one of the bank’s biggest investments in young Maldivians.
The programme targets citizens aged 18 to 30, offering financing alongside business training, mentorship and development support through SME Digital.
He said the initiative supports President Muizzu’s policy of increasing youth participation in the economy by helping transform innovative ideas into sustainable businesses.
Calling on young Maldivians across the country to seize the opportunity, Shareef said the financing programme aims to create thousands of successful entrepreneurs and strengthen the nation’s long-term economic future.
