The Edition


BML changes Payment Gateway to support small enterprises

Mariyam Malsa
04 March 2019, MVT 10:19
Bank of Maldives Ltd (BML) head office at Male City. PHOTO: Bank of Maldives (BML)
Mariyam Malsa
04 March 2019, MVT 10:19

Bank of Maldives (BML) announced its support to developing e-commerce for businesses through the removal of initial set-up fees and monthly maintenance fees for the BML Payment Gateway starting from March 1, 2019.

The bank made the move in support of small and medium enterprises, which can now utilize BML Payment Gateway without placing a security deposit as well.

BML’s Deputy CEO and Director of Operations, Mohamed Shareef, stated that entrepreneurs managing small businesses today expected higher financial flexibility and convenience in order to develop e-commerce platforms.

"Today’s announcement represents a very positive response to feedback from this customer segment and we are confident that with this change, businesses will be able to grow to facilitate the expansion of e-commerce in the country”, stated Shareef.

He noted that e-commerce was growing rapidly in Maldives. According to the deputy CEO, there are currently 112 merchants using the BML Payment Gateway, from which more than 1.5 million transactions were carried out in 2018.

BML has expressed its commitment to supporting the business community by providing convenient banking solutions to facilitate growth and expansion.

The bank offers numerous digital services including internet banking, mobile banking and mobile wallet. Over 90 percent of all BML transactions for 2018 were carried out through digital channels, which amount to more than 40 million transactions.