Maldivian entrepreneurs and small businesses selling goods and services internationally will be able to receive payments in US dollars through Bank of Maldives (BML) starting November 1, President Dr Mohamed Muizzu has announced.
The initiative is aimed at addressing longstanding difficulties faced by local businesses in receiving payments from overseas customers, opening new opportunities for Maldivian entrepreneurs to expand their operations into international markets.
Speaking at the Maldivian Production Expo 2026 awards ceremony held at Barceló Nasandhura, President Muizzu said the government had completed preparations to introduce new payment facilities designed to remove financial obstacles affecting micro, small and medium enterprises (MSMEs).
The initiative is being implemented through a collaboration between BML, the Ministry of Economic Development and Trade, and the Business Center Corporation (BCC).
Under the arrangement, eligible Maldivian producers and small businesses selling products or providing services internationally will be able to accept US dollar payments from customers around the world through BML’s payment gateway.
President Muizzu said the government had identified difficulties in receiving international payments as a significant challenge for local entrepreneurs, particularly those attempting to establish businesses that serve customers outside the Maldives.
He explained that efforts had been undertaken to address these limitations, with the necessary arrangements now in place for the service to become available from November 1.
The President also announced measures to simplify international purchases and payments for small businesses, including arrangements intended to facilitate card transactions and remittances for goods and services obtained from overseas suppliers.
These facilities are expected to reduce difficulties associated with accessing foreign currency for business-related expenses, an issue that has affected entrepreneurs relying on international suppliers and service providers.
In addition, mechanisms will be introduced to facilitate payments for subscriptions and other recurring services required by businesses.
Such expenses can include software subscriptions, digital platforms, online business tools and other services commonly billed in foreign currencies.
For businesses operating in sectors such as technology, graphic design, digital marketing, e-commerce and other online services, access to reliable international payment facilities is particularly important.
Many of these enterprises depend on overseas customers for revenue while simultaneously requiring international payment services to maintain their operations.
President Muizzu said the new arrangements would help address these challenges, making it easier for existing businesses to operate while encouraging more Maldivians to pursue entrepreneurial opportunities.
He expressed confidence that improving access to international payments would help businesses increase their revenue and profitability by reducing obstacles that have previously limited their ability to participate in global markets.
The announcement comes as the government continues to prioritise entrepreneurship and the development of MSMEs as part of its broader economic diversification agenda.
Small businesses contribute to employment and commercial activity across the Maldives, including in retail, manufacturing, tourism-related services, technology and the creative industries.
However, limited access to international payment platforms has presented challenges for some Maldivian entrepreneurs seeking to sell products and services to overseas customers.
Unlike businesses operating in countries with wider access to global payment processing services, Maldivian enterprises have faced restrictions in receiving certain types of international payments, creating difficulties for businesses seeking to expand beyond the domestic market.
The new BML facility is intended to provide an additional payment channel for eligible businesses, potentially allowing more entrepreneurs to serve international customers without relying on less convenient payment arrangements.
The initiative also supports the government’s ambition to expand the creative economy, with President Muizzu’s administration targeting a 15 percent contribution to the national economy from creative industries by 2030.
Greater access to international payment services could be particularly relevant for Maldivians involved in digital products, creative services, technology and other industries capable of generating revenue from overseas markets.
BCC, which supports entrepreneurship and the development of smaller enterprises, is collaborating with BML and the Economic Ministry to introduce the new facilities.
The President said the government’s objective was to establish a more supportive environment for entrepreneurs by addressing practical challenges that affect business operations and growth.
He also highlighted the importance of creating opportunities for individuals who wish to establish businesses for the first time, particularly young Maldivians with commercially viable ideas.
President Muizzu expressed optimism that the new arrangements would help Maldivian entrepreneurs overcome existing financial barriers, increase their earnings and take advantage of opportunities in international markets.
