Bank of Maldives (BML) has opened applications for its Payment Gateway service to micro, small and medium enterprises (MSMEs), allowing businesses to accept payments from overseas customers and receive the proceeds directly in US dollars.
The initiative, announced on Sunday, is aimed at making it easier for Maldivian businesses to sell goods and services internationally while gaining access to foreign currency for their operational needs.
Under the service, payments made by overseas customers using international cards will be settled in US dollars rather than converted into Maldivian rufiyaa.
Businesses will also be able to use the dollars they receive without restrictions for subscriptions and other international payments through a USD debit card linked to their account.
The arrangement is expected to be particularly useful for smaller businesses that depend on overseas customers or regularly pay for international services, including software subscriptions, digital platforms and other business-related expenses.
Access to US dollars has been a longstanding concern for businesses in the Maldives, particularly those that earn revenue in rufiyaa but need foreign currency to pay international suppliers and service providers.
For businesses selling products or services abroad, receiving payments directly in dollars could help reduce the need to obtain foreign currency separately for eligible international transactions.
The new facility is being introduced in collaboration with the Ministry of Economic Development, Transport and Trade and the Business Center Corporation (BCC).
Businesses interested in using the Payment Gateway must submit their applications through the BCC portal, which is scheduled to become available later on Sunday.
Once BCC refers an application to the bank, BML will contact the business directly to collect the necessary documents and complete the registration process.
The service will be activated after the required verification and onboarding procedures have been completed.
The Payment Gateway provides businesses with a means of accepting international card payments for goods and services, helping them reach customers beyond the domestic market.
For Maldivian entrepreneurs operating online businesses or providing services to overseas clients, access to international payment processing is an important part of expanding beyond the local market.
The initiative also comes amid wider efforts to strengthen the country’s MSME sector and encourage businesses to explore international commercial opportunities.
MSMEs play an important role in the Maldivian economy, particularly in retail, services and emerging digital businesses, but smaller enterprises can face challenges accessing financial services designed for international transactions.
By extending its Payment Gateway service to these businesses, BML aims to provide a more accessible channel for collecting overseas payments while allowing businesses to retain and use their dollar earnings for international expenses.
