BML launches nationwide financial literacy program

The Bank of Maldives (BML) has established a strategic partnership with Visa to conduct a nationwide financial literacy program across the Maldives.

The agreement was signed during a special ceremony marking the 22nd anniversary of the BML-Visa partnership at the BML Head Office. The program was inaugurated and the agreement signed by BML CEO and Managing Director Mohamed Shareef and Visa's Country Manager for the Maldives and Sri Lanka, Avanthi Colambage.

This partnership is designed to enhance financial awareness across the Maldives, specifically targeting youth, students, and Small and Medium-sized Enterprises (SMEs). In collaboration with the Ministry of Education, BML will conduct sessions utilizing Visa’s 'Practical Money Skills' and 'Practical Business Skills' modules.

The content of these sessions is comprehensive, covering personal financial topics such as budgeting, saving, effective debt management, and proper expenditure tracking. Furthermore, the program will equip SME operators with essential business skills, including advice on financial management, cash flow management, pricing strategies, digital payments, and techniques for increasing customer base.

Education Minister Dr. Ismail Shafeeu remarked that the program will strengthen the existing curriculum, underscoring the universal importance of financial literacy for all age groups and its crucial role in establishing a resilient national economy.

BML CEO Shareef emphasized the bank's strong commitment to boosting financial literacy among the youth, viewing the program as a demonstration of BML's priority in helping future generations make informed financial decisions. He described the effort to help students build a solid financial foundation as a vital, long-term step toward strengthening the Maldivian economy.

Visa Country Manager Colambage reinforced this sentiment, stating that financial literacy is a key element for sustainable economic growth. She believes that the 'Practical Money Skills' and 'Practical Business Skills' programs will empower individuals and small businesses, thus helping to build a financially sound and digitally capable society.

Colambage stated: "this initiative highlights the dedication to supporting the Maldives' long-term plan for economic resilience and digital transformation, especially across the tourism sector and other industries."

BML is already a significant player in the field, having conducted over 200 financial literacy sessions for different age groups over the past year.