BML introduces debit cards for minors

Bank of Maldives (BML) has introduces special debit cards for minors.

In a special ceremony held at Hotel Jen, BML's new debit card for children was launched by the bank's Chairperson, Ahmed Ali Habeeb and several children who were invited to the event.

The student cards are available in two designs based on two age categories; children between the ages of seven and 12, and those between age 13 and 17.

No fees will be charged from the Visa debit card, and can be usable both locally and abroad. The bank said an annual rebate would also be offered for the card holders.

The bank said it would also deposit 0.5 percent of the total transactions made within a year from the card to the child's savings account, which according to the bank would help save money responsibly.

The card will also allow parental controls, allowing parents to track the transactions and view all information via the parent's mobile banking application.

Parents can apply for the card through the BML mobile app, which would also allow them to freeze, unfreeze, block, and change the pin of the card as well.

For additional security, the bank would send an OTP to the parents’ registered phone number for online and high-volume transactions.

BML's CEO Mohamed Shareef said the card launched today is not only for making payments but also a starting point to familiarize children with the changes in the banking and payment sector. It would also teach children financial independence and money management skills they need for the future, he said.

Shareef further said the accounts can be used in the future for higher education, jobs and purchasing homes.

Echoing Ryan McInerney, CEO of Visa, the world's largest payment network, Shareef said the world's payment system has changed more in the past five years than it has in the last 50 years.

He said the changes are the result of the need to speed up and secure transactions.

Shareef said that although Maldives relied heavily on cash in the 1990s, that has changed today.

“Bank of Maldives has played a pivotal role in transforming the banking system we see in the country today. This includes introducing services such as cards, ATMs, self-service banking, the internet banking mobile app as well as mobile wallets,” he said.

He went on to say that Maldives will work to catch up with the world's most advanced countries in terms of payment systems in the next five years. He said this goal is highly likely to be achieved and highlighted that BML's mobile banking application has one million logins daily.

With the growth of digital banking, it is likely that the current notes and cards will become obsolete in the future, he said.

"Some countries in the world incorporate convenient ways to conduct transactions using fingerprint, facial recognition or even voice. The student cards we are issuing today will have similar systems in place before the end of their schooling," he said.