Financial access to fishermen through Bank of Maldives (BML) has enabled the long overdue State recognition of local fishermen, the Minister of Fisheries and Ocean Resources, Ahmed Shiyam said Monday.
BML has entered into a Memorandum of Understanding (MoU) with the Ministry to facilitate easy access to finance for fishermen. The agreement was formally signed by Minister Shiyam and BML’s CEO and Managing Director Mohamed Shareef during a ceremony on Monday.
The incumbent government has initiated several initiatives to address the concerns of local fishermen.
The national fishermen's registry was established to promote financial inclusion and empowerment of local fishermen.
The new collaboration with BML will enable fishermen registered on the National Fishermen’s Register to access a variety of credit facilities, including personal financing, credit cards, and home loans, based on their income.
Under the new arrangement, eligible fishermen can access personal financing without collateral or equity requirements. For the first time, the repayment schedules will be structured considering seasonal variations in fishing income.
Speaking after signing the MoU, Minister Shiyam said before today, fishermen were ineligible for most financial products offered by financial institutions as their income lacks official verification.
“But today we have delivered the long overdue State recognition to our fishermen,” he said.
This Administration since taking over, has initiated significant efforts to enhance and diversify the country’s fisheries industry. The government has pledged to alleviate the issues faced by local fishermen within the next three years.