Over a dozen fishermen have secured financing from Bank of Maldives (BML) thus far, the country’s national bank has said.
BML had entered into a Memorandum of Understanding (MoU) with the Ministry of Fisheries and Ocean Resources to facilitate easy access to finance for fishermen on 28 April.
This collaboration 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 up to USD 19,455 without collateral or equity requirements.
For the first time in the Maldives, repayment schedules will be structured considering seasonal variations in fishing income.
According to BML, 38 fishermen have applied for loans from those registered in the National Register of Fishermen, since applications were opened on 1 May.
So far, BML has disbursed loans to 14 fishermen while eight more applications are currently under evaluation.
Applications for Personal Financing and Lui Loans can be submitted through the Bank’s Internet or Mobile Banking App, ensuring accessibility from anywhere across the Maldives.
In addition to personal financing, once registered on the National Fishermen’s Register, fishermen will also be able to apply for Home Build Financing, Home Purchase Financing and Home Construction Financing.
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.