Bank of Maldives (BML) CEO and MD Mohamed Shareef stated tonight that the history of the bank is deeply connected with Addu, and that the bank remains with its doors open to provide the financial assistance required by the people and businesses of Addu.
He made these remarks at a special ceremony held in Hithadhoo tonight to officially launch BML’s digital wallet in Addu.
Speaking at the ceremony at Hithadhoo School, Shareef stated that MVR 3 million is now available for home construction in Addu without additional collateral. He also noted that a special product has been introduced to help people from Addu working in resorts to obtain housing.
"Addu businesses can now obtain loans of MVR 3 million as working capital required to run their businesses without any collateral. Addu’s fishermen can also now apply for all loans issued by the bank to other employed individuals," the MD said.
According to Shareef, those wishing to expand guesthouses and tourism in Addu can also obtain loans issued based on the projected income of those businesses.
"The bank is here in every way to assist in the development of Addu. What is needed for this is for everyone to work together. Your bank will always be ready," the MD said.
Most BML services outside of Malé are in Addu
According to BML MD Shareef, apart from Malé, the highest number of branches, ATMs, and a contact center, as well as the largest number of employees in a single atoll, are in Addu.
"There are 67 employees working for the bank in this city. Furthermore, a large number of people from this city are included among the employees working in Malé," he said.
"In this regard, more than 140 employees belonging to this city work in Malé as well. I also note that many employees belonging to Addu hold senior positions in the bank."
Shareef highlighted that Addu developers played the leading role in developing BML’s digital wallet, Swipe, which was introduced tonight.
"This is an example of the talent, craftsmanship, creative thinking, and capability seen from Addu," said Shareef, who is a native of Addu Hithadhoo.
Revealing the extent to which the development of BML is linked to Addu, the bank’s MD stated that 42 years ago, the first branch opened outside of Malé, as BML's second branch, was also in Addu.
He said that when banking services began in Addu, there were no opportunities for private businesses and individuals to receive financial assistance for various needs or to save money.
Therefore, Shareef said that even then, BML was the partner that brought the development and progress desired by the businesses and people of Addu.
