Bank of Maldives (BML) has announced that preparations have been finalised to allow Maldivian micro, small and medium enterprises (MSMEs) to receive payments in US dollars from international customers through its payment gateway, with the service expected to launch on November 1, 2026.
The initiative is being introduced in collaboration with the Ministry of Economic Development, Transport and Trade and the Business Center Corporation (BCC), as part of efforts to improve access to international payment services for Maldivian entrepreneurs.
In a statement, BML said the new arrangement would enable eligible businesses selling goods and services in overseas markets to accept payments from foreign customers and receive the proceeds in US dollars.
The announcement follows President Dr Mohamed Muizzu’s remarks at the Maldivian Production Expo 2026 awards ceremony, where he outlined plans to address longstanding difficulties faced by local businesses in receiving payments from abroad.
The President said the government had been working with BML and relevant institutions to introduce payment facilities that would help Maldivian entrepreneurs expand their operations beyond the domestic market.
BML’s latest announcement confirms that the necessary arrangements have been finalised, with the bank and its partner institutions now working towards making the service available from the beginning of November.
Access to international payment processing has been a challenge for some Maldivian businesses, particularly entrepreneurs offering digital services, creative products and other goods and services to customers overseas.
While the Maldives has a well-established banking sector, smaller enterprises seeking to serve international markets can face additional difficulties in collecting payments from foreign customers through suitable payment channels.
These limitations can create obstacles for businesses attempting to expand internationally, particularly those that depend on online transactions and cross-border commercial activities.
The new BML Payment Gateway arrangement is intended to address these challenges by providing eligible MSMEs with a means of accepting international payments and receiving funds in US dollars.
For entrepreneurs working in sectors such as technology, graphic design, digital marketing, e-commerce and other service-based industries, improved access to international payment facilities could create opportunities to reach a wider customer base.
The initiative could also benefit local producers seeking to sell Maldivian-made products abroad, particularly businesses looking to establish direct relationships with international buyers.
BCC, which supports entrepreneurship and the development of smaller businesses in the Maldives, is working alongside the Economic Ministry and BML to facilitate the introduction of the service.
The collaboration forms part of broader government efforts to strengthen the MSME sector, encourage entrepreneurship and create opportunities for Maldivian businesses to participate in international trade.
President Muizzu has identified the development of small businesses and emerging industries as an important component of the administration’s economic diversification agenda.
The government has also set a target for the creative economy to contribute 15 percent of the national economy by 2030, with improved access to international markets expected to support opportunities for entrepreneurs operating in creative and digital industries.
During his remarks at the expo, the President also announced plans to simplify overseas purchases, card transactions, remittances and subscription payments for small businesses.
Those measures are intended to address difficulties associated with foreign currency payments for business-related expenses, although BML’s latest statement specifically concerns the acceptance of international payments through its gateway.
The bank has not yet provided detailed information on eligibility requirements, transaction limits, applicable charges or the registration process for businesses wishing to use the new service.
Further guidance is expected to be important for entrepreneurs seeking to understand how the facility will operate and whether their businesses qualify.
With the planned November 1 launch approaching, the initiative represents a step towards improving international payment access for Maldivian small businesses, potentially reducing barriers that have limited their ability to compete in overseas markets.
