Bank of Maldives Unveils Comprehensive Digital Expansion Ahead of Ramadan
Male, Maldives – February 23, 2025 – In a significant move to enhance customer convenience, Bank of Maldives (BML) has announced an extensive expansion of its digital services, set to commence on March 1, 2025, coinciding with the onset of Ramadan. This initiative aims to provide customers with seamless access to a wide array of banking services online, eliminating the need for physical branch visits.
Currently, BML’s digital channels offer 24/7 services, including cash deposits and withdrawals, fund transfers, loan and credit card repayments, payments for goods and services, international money transfers, applications for Lui Loans and financing, new debit, credit, and prepaid card requests, card management features, and Fitr Zakat payments.
The upcoming digital expansion introduces several new services designed for both personal and business customers:
- Digital Onboarding for Personal Customers: Individuals can open accounts online instantly, while existing customers can apply for additional accounts through the digital platform.
- Digital Onboarding for Business Customers: Businesses can now establish accounts online with immediate activation.
- Online Loan and Financing Applications: Customers can submit applications online for various loans and financing options, including home purchases, construction, and business needs.
- Inward Remittance: Incoming foreign remittances up to USD 10,000 will be credited instantly upon verification.
- Outward Remittance: Customers can send international remittances up to USD 5,000 instantly via Telegraphic Transfer (TT) or the International Money Transfer service on BML Mobile Banking.
- Increased ATM Limits for Businesses: The withdrawal limit on Business Cards will be raised to MVR 200,000, reducing reliance on cheques.
In addition to these services, BML is enhancing customer support and operational efficiency:
- Card Delivery and Activation: All cards will be delivered directly to customers, who can activate them and change PINs through BML Internet and Mobile Banking.
- Merchant Settlements: Payments made with BML-issued cards on the bank’s POS terminals and Payment Gateway will be credited to merchant accounts within 24 hours.
- ATM Error Resolution: In rare cases of ATM withdrawal or deposit errors, funds will be returned to the customer’s account within one hour.
- Dedicated Business Support: Businesses can connect with dedicated Relationship Managers for personalized banking assistance.
- 24/7 Customer Support: Customers can reach the bank at any time through its Contact Centre, chatbot, and live agents available on the website, WhatsApp, or Viber.
During Ramadan and the first seven days of Shawwal, branches will operate from 9:30 am to 12:30 pm on working days. Digital services will remain accessible throughout, with branches closed during the last ten days of Ramadan, except on March 27 and 29, 2025.
This digital transformation underscores BML’s commitment to providing innovative and customer-centric banking solutions, aligning with the evolving needs of its clientele during the holy month and beyond.
