Bank of Maldives (BML) has enabled transactions on previously blocked foreign merchants including selected money transfer platforms and digital wallets, as per the commitment made by President Dr. Mohamed Muizzu.
BML has announced that customers can now use the bank’s Visa USD Credit Card or Mastercard Prepaid USD Travel Card to seamlessly send and receive funds through these platforms. Moreover, customers can use BML-issued Debit cards linked to USD accounts as their primary account to send money to these merchants.
Chief Executive Officer (CEO) of BML Karl Stumke emphasised their recognition of the importance of supporting freelancers and small merchants who depend on overseas payments for their livelihoods. He also expressed delight in providing the capability to customers as part of enhancing their banking and payment experience.
In a post on social media, Minister of Economic Development and Trade Mohamed Saeed lauded the change for facilitating easier online and digital trading in dollars for self-employed individuals and small business owners. He described the decision as significant for the bank's success.
The decision to block dollar transactions and digital wallet services on foreign platforms was taken by BML on December 16, citing the need to regulate the outflow of foreign currency and reserve it for essential purposes amidst the dollar shortage caused by the COVID-19 pandemic in the Maldives. President Dr. Muizzu has pledged to introduce innovative financial transaction services, including the launch of an e-wallet service scheduled for May next year. The service will enable individuals to conduct money transactions through platforms like PayPal.