Maldives’ national bank, Bank of Maldives (BML) has announced plans to expand its deposit and payment services with Cash Agents in 100 islands within the year.
Cash Agents were introduced in 2014 as part of the Bank’s Financial Inclusion strategy to provide banking services in islands without a branch or ATM. Customers can make withdrawals, deposits as well as make payments for loans and credit cards without any additional charges through cash agents. With this service, local communities can bank conveniently in their home island, without the need to travel to the nearest branch or ATM Centre. Currently there are over 200 cash agents providing withdrawal services across the islands.
Deposit services have been popular among customers since its launch. Over the past year, MVR 180 million has been deposited via 41 cash agents.
The withdrawal limit via cash agents is currently set at MVR 2,000 per day with no additional charges. The deposit limit is set at MVR 10,000 per day with no additional charges.
