Bank of Maldives (BML) on Wednesday gave a special presentation in the tech conference “Digital Rise 2019” underway at Nairob, Kenya.
BML's Deputy Chief Executive Officer Mohamed Shareef presented information on strategies to provide banking services to island nations such as Maldives. In the special presentation, Deputy CEO Shareef highlighted the pivotal role technology plays in providing Maldives with banking services.
Moreover, the Deputy CEO said that in addition to BML's services such as issuing of cards, ‘Point-of-Sale (POS)’, ‘Self Service Banking’, and ‘Internet and Mobile Banking’, efforts to establish a ‘Payment Gateway’ and a ‘digital wallet’ to make transactions from Maldives to foreign countries are also underway.
Deputy CEO Shareef further iterated that BML introduced revolutionary changes to Maldives’ banking sector and had paved the way for customers to attain services from any medium they choose, on a 24-hour basis. While noting the financial difficulty in establishing a branch in every island, he said that due to the establishment of “Cash Agent” services in islands that did not have ATMs or bank branches, banking services are currently available in all islands across Maldives.
Furthermore, the Deputy CEO noted that while BML customers made 39 million transactions in 2018, 98 percent took place using digital mediums, and although a variety of bank services are rendered through online platforms, 77 percent of customers are seeking internet and mobile banking services.
BML current provides services to 188 islands and 129 resorts, and issue debit, credit and prepaid cards. BML has also introduced Maldives’ first passport card, and the ‘Masveriya Card’ exclusively for fishermen.
It was also decided that BML representatives will arrange meetings on the sidelines of the conference to confer their digital banking strategies with companies that offer digital banking solutions and provide payment systems.
A total of 80 companies partook in the conference that gathered banks from Asia, Africa and Europe, along with companies that offer digital banking solutions and payment system services.