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E-wallet service introduced with foreign transfer benefits

BML has introduced a digital wallet services aimed at small businesses and freelancers that allows funds to be exchanged internationally, as per the pledge made by President Muizzu.

Aishath Shuba Solih
31 March 2024, MVT 16:55
President Dr Mohamed Muizzu (R) Minister for Economic Development & Trade, Mohamed Saeed (L)
Aishath Shuba Solih
31 March 2024, MVT 16:55

Bank of Maldives (BML) has initiated foreign money transfer platforms and digital wallet services today accordingly with President Dr Mohamed Muizzu's presidential pledge.

BML stated that after unblocking foreign merchants that the bank had previously blocked, transfer of money back and forth has been arranged through this platform via the customer's service bank's Visa USD credit card or Mastercard prepaid USD card.

The bank added that besides these cards, wiring money to foreign accounts will be possible through BML debit cards that has a US dollar account administered as the card's primary account.

Addressing this change brought forward today, CEO of BML, Karl Stumke declared that this change was enforced to aid small businesses and freelance workers in acknowledgement of their dependency on funds generated from overseas routes to secure resources for their general lifestyle.

"And so this is also an additional step towards improving the quality of services offered to customers by banking and payment services," Stumke emphasized.

Through a post on social platform X, Minister for Economic Development & Trade, Mohamed Saeed further asserted that opening a path for small businesses and freelancers working or selling products overseas to acquire funds in dollars is a significant advance towards the success and progress of such individuals.

Dissolving the obstructions to receiving funds through online payment platforms in order to establish an economy that embraces creative or technical industries is a presidential vow made by President Muizzu.

While the cabinet is also settled on proceeding this, the President had recently reiterated that E-wallet services will begin before the upcoming month of May.

Moreover, the cabinet has also decided on deliberating directly with the government of the United States to introduce PayPal services in Maldives. The President's manifesto further includes the introduction of Payoneer, Skrill, Stripe and Neteller services in addition to PayPal.