Bank of Maldives (BML) has introduced USD education loans to help customers finance professional courses and internationally recognized certifications.

The bank said that its Kiyavaa loans and education financing facilities will now be available in US dollars to cover course fees and certification costs for professional qualifications.

The financing will be offered without the need for collateral.

According to BML, the new facility is intended to make it easier for customers pursuing internationally recognized training programmes to meet foreign currency payment requirements.

Under the scheme, the bank will transfer course fees directly to educational institutions or the relevant organizations via TT. Any approved stipend will be credited to the customer's account.

BML CEO Mohamed Shareef said the initiative forms part of the bank's efforts to further strengthen its services.

Under BML's regulations, education loans and education financing issued in USD must also be repaid in US dollars.

The bank has recently introduced several measures aimed at improving customers' access to foreign currency, including launching a dedicated platform for purchasing USD to increase the amount of foreign currency available for MVR debit cards.