President Ibrahim Mohamed Solih inaugurated 'Masdhoani Account', the presidential pledge to establish a banking system for fishermen, on Wednesday, at Kooddoo, Gaafu Alifu Atoll.
Bank of Maldives (BML) and Ministry of Fisheries and Agriculture collaborated on the project to provide the newly introduced 'Masveriyaa Card' and 'Digital Wallet' allowing fishermen to make transactions through a card linked to the digital wallet.
In his speech, President Solih describing the Maldives as a country of fishermen, noted that true progress can only be achieved when the commoners' income is improved, and appealed to work together towards the common goal.
Additionally, the President highlighted the numerous efforts of the administration within its national development agenda to increase the contribution the fisheries sector made towards the country’s economic progress.
As part of the digital wallet, companies that purchase fish will receive a customised BML online portal through which payments can be made to fishing vessels, reducing the requirement for cash.
Fishing vessels will be able to use the Card for the purchase of fuel and ice and to transfer payments to the vessel crew’s Masveriyaa Card. The Card can be used at all POS terminals, ATM and Cash Agents as well as for online transactions and international money transfer.
"Continued investment in technology is especially important in a country like ours and the introduction of the Masveriyaa Card provides a means for fishermen to bank anywhere, anytime", said BML’s Deputy CEO and Director of Operations, Mohamed Shareef.
"The income received through the 'Masveriyaa Card' will allow fishing vessels and crew across Maldives to ease the application process for the Bank’s loan products”, said BML’s Deputy CEO and Director of Operations, Mohamed Shareef.
Opportunities to partake in the pension scheme will be available for the fishermen receiving their income as monthly deposits.
Moreover, BML will not deduct any inflow of funds into the 'Masveriya Card' regardless of any debts owed by the fisherman. Additionally, any transaction conducted through the card will not be charged additional fees.