MIB to install ATMs in 19 inhabited islands

Maldives Islamic Bank (MIB) signed an agreement with Economic Ministry of Maldives today, to install ATMs in 19 inhabited islands of the country.

The agreement was signed by Economic Minister Mohamed Saeed and MIB's CEO Mufadhhal Idrees Humree at a ceremony held at the President's Office.

During the ceremony, Humree also shared MIB's development plan for the upcoming year.

According to the plan, 23 ATMs will be installed in 19 islands across four atolls. They include 22 Maldivian Rufiyaa ATMS and one US Dollar ATM. These installations will be part of the agreement signed today.

MIB also plans to open a new branch, four sales centres and install 15 ATM kiosks across the country in 2025.

Speaking at the ceremony, Humree said that their goal is to have 62 ATMs in 37 islands accross 16 atolls by the end of 2025. This includes 56 cash deposit and withdrawal machines, and six US Dollar ATMs. By the end of next year, BML also aims to have a total of 10 sales centres and 21 ATM kiosks.

Humree also said that MIB customers would be able to use MIB issued bank cards at ATMs of other banks without an additional charge, as part of their efforts to provide banking services to everyone. He further added that although the bank does not have branches in all islands, most of their services are available nationwide online.

"We're the only bank who provides all bank [account] opening services online. We have also made various services such as the Ujala Dhiriulhun financing facility online, to make it accessible for everyone," he said.

Humree also shared some of the efforts made by the bank to improve the banking system during the year. These include the recently introduced Faisa Wear Ring and the Binga Account to make children financially responsible.

He also assured that he is ready and would cooperate with the government in developing the banking sector in Maldives.

At the ceremony, Economic Minister Saeed said that the establishment of a one-stop solution for essential financial services is part of President Muizzu's manifesto. Today's agreement is the beginning of the practical work of that pledge, he said.

MIB currently has 39 ATMs in 18 islands across 12 atolls. 34 of the machines are compatible with Maldivian Rufiyaa depositing and withdrawal, while the remaining five are dedicated for US Dollar services. They also have six branches, six sales centres and six kiosks.