Bank of Maldives (BML) has introduced enhancements to its Advance Merchant Settlement facility, making it easier and faster for businesses to access financing.
Under the changes, businesses can now benefit from a simplified application process with reduced documentation.
Applications will be processed within five working days, significantly reducing the previous turnaround time.
Eligible businesses can also access financing of up to MVR 2 million, based on their card settlement history through BML Merchant Services.
BML Chief Executive Officer and Managing Director Mohamed Shareef said the enhancements are part of the bank's continued efforts to strengthen the financial infrastructure available to businesses across the Maldives.
"By streamlining the application process and expanding the scope of available financing, we aim to ensure that our merchant partners are better equipped to manage their operational requirements and pursue sustainable growth," he said.
To qualify for the facility, businesses must:
- Have accepted card payments through BML Merchant Services for at least six months.
- Maintain an average monthly card sales volume of at least MVR 20,000.
- Have no overdue obligations with any financial institution.
Repayments will be automatically deducted from merchants' daily card settlements, allowing businesses to manage financing alongside their regular operations.
Applications can be submitted through the Message Centre in BML Internet Banking or via the BML Mobile Banking App.
