The success of any shareholder-based company or institution is ultimately measured by the financial achievements it attains each year. In this regard, the Bank of Maldives (BML) has strongly maintained its streak of year-on-year financial successes throughout 2025.
Last year, the bank received MVR 5.7 billion in revenue, which is an increase of MVR 900 million compared to the previous year. BML earned MVR 2.5 billion as net profit last year, marking a 9.8 percent increase from the year before.
While financial success alone brings satisfaction to BML’s shareholders, as the national bank, BML carries a heavy responsibility for the economic and social development of the Maldives.
"The past year was a very important year in the history of the Bank of Maldives. We have proven that the national bank is an institution that can achieve the best financial results while also bringing a positive change to the entire nation socially," BML CEO and Managing Director Mohamed Shareef stated regarding the results achieved last year.
As Shareef indicated, BML achieved significant progress and many successes last year in modern digital banking and in accelerating the pace of social and economic development in the Maldives.
Taking the initiative in solving housing issues
BML marked the beginning of last year with a focus on providing a solution to the housing issue, which is the biggest social challenge facing the Maldives. Significant changes were brought to the financing provided by BML for purchasing, constructing, and renovating homes.
The biggest obstacle to home-ownership is the high amount of self-funding or equity required. To provide a solution, BML reduced the equity required for purchasing an apartment or flat from 20 percent to 5 percent. With this, for example, the amount previously required to be settled to buy a MVR 3 million house was reduced from MVR 600,000 to MVR 150,000.
This was a very significant relief for the citizens. Additionally, the repayment period for home renovation financing was increased from 15 to 20 years, the maximum financing amount was increased from MVR 15 million to MVR 45 million, and it was also decided to accept income generated from the project.
Another change brought by the bank was ensuring that no additional collateral is required for building homes on any island in the Maldives. The requirement for a second or third collateral for building residential homes was a very large challenge to the progress of island communities. This was also one of the main reasons why many people did not qualify for loans despite having a good income.
With these changes, BML has now earned the title of the financial institution providing home financing at the lowest rates in the Maldives.
Furthermore, BML signed an agreement with the Ministry of Housing to provide loans under the "Hiyaavehi" financing scheme, which offers housing loans at a low interest rate.
Under this scheme, loans are issued at an equity rate of 5-10 percent. Those taking loans under this scheme will receive 25 years for repayment. Additionally, those participating in the MVR 1 million scheme will not have to pay any amount of equity.
Following that, the establishment of a subsidiary company named BML Affordable Home Leasing Company Private Limited, to achieve the objectives set under the Inclusive National Affordable Housing (INAH) framework developed by the central bank, Maldives Monetary Authority (MMA), was another link added to that effort. Under that company, the construction of five affordable housing unit projects has now been contracted and physical work has begun.
A favorable year for private businesses
With the goal of further expanding its role in the economic development of the Maldives, BML achieved important milestones last year in providing necessary financial assistance to large, small, and medium-sized businesses across various industries.
BML arranged easier ways for businesses to progress by bringing important changes to real estate, guest house, and working capital financing products during the past year.
To reduce the difficulties faced by businesses in paying for goods and services from abroad amidst the dollar shortage facing the Maldives, the bank began providing 30 percent dollar support for transactions conducted through international transfers or Telegraphic Transfers (TT) via BML.
Furthermore, the path was cleared for conducting banking transactions in Indian and Chinese currencies, the two countries with which Maldivian companies conduct the most business transactions. In this regard, the opportunity to open accounts in Indian Rupee and Chinese Yuan for the first time in the Maldives was a significant step toward further expanding trade relations with those two countries.
The Merchant Discount Rate (MDR) taken from all BML debit cards used on BML card machines was reduced to one percent. More than 7,000 business owners directly benefited from the reduction of the rate, which had been maintained at 2.5 percent since BML introduced debit card services in the year 2000.
To progress the Maldives' second-largest industry, fisheries, BML facilitated the opportunity for fishermen registered in the national registry of fishermen to easily access credit facilities based on their income for various needs such as personal financing, credit cards, and the purchase, construction, and renovation of homes.
Under this arrangement, eligible fishermen can take personal financing up to MVR 300,000 without collateral and without equity. Additionally, through the arrangement settled for the first time in the Maldives, BML facilitated easy ways to repay money by considering income alongside changes to the fishing seasons.
However, the biggest advancement for Maldivian businesses was BML's purchase of shares in the SME Development Finance Corporation (SDFC), which was established to issue loans to small and medium enterprises. Renamed SME Digital, work is now being carried out on a very large scale to provide financing to startups, women-led businesses, fishermen, farmers, agricultural businesses, sustainable businesses, and e-commerce sectors.
BML services to the entire Maldives
The successful completion of the 'BML ATM to the entire Maldives' project during the past year is a significant achievement on a national level. Due to this project, basic banking services will be available at any time on every island in the Maldives.
The first ATM under the "BML ATM to the entire Maldives" project was established in February of last year. Within just nine months, the bank established ATMs on 105 islands across 20 atolls of the Maldives. Despite the magnitude of this project, the speed at which the work was completed is a success unlike any the Maldives has seen before.
The pace of digital banking accelerated
In line with modern times, the pace of digitalizing BML's services was accelerated many times over during the past year, achieving significant progress.
In this regard, arrangements were made so that all bank services could be requested online without visiting the bank. Now, opening accounts for individuals and businesses, applying for all loans, and requesting TTs and other banking services have been transformed into services that can be submitted within a short period at any desired time without going to the bank.
During the past year, BML started the PayMV QR service to enable easy and fast transfers. Through this feature, customers can easily and safely send and receive money via the bank's mobile banking app by scanning the QR code of the party to whom they wish to send funds.
However, the most notable success of the past year is the multi-currency digital wallet introduced by BML under the name "Swipe," enabling easy, fast, and secure financial transactions within the Maldives and abroad.
Using the Swipe digital wallet app, a 100 percent Maldivian product, customers from any part of the Maldives can make contactless payments quickly, easily, and safely via QR codes.
In addition to being a product that showcases the Maldives and Maldivian fintech talent in the global digital financial market, this is a significant advancement in BML's ongoing efforts to become the best digital bank in this region.
