The Bank of Maldives (BML) has opened its 40th branch on the island of Dhuvaafaru in Raa Atoll, marking a notable milestone with the introduction of the country's first fully paperless banking facility. The move reinforces the institution's commitment to expanding financial accessibility and embracing digital innovation across the nation's widely scattered atolls.
The branch's formal inauguration was led by the Minister of Construction, Housing and Infrastructure, Dr Abdulla Muththalib. Present at the event were senior representatives of the bank, including Chairperson Ahmed Ali Habeeb and Deputy Chief Executive Officer and Chief Operating Officer Sahar Waheed, alongside members of parliament and island council officials.
Built on the bank's "Islamic Finance First" policy, the Dhuvaafaru branch delivers a comprehensive range of services grounded in Shariah-compliant practices. Designed as a fully digital facility, it reflects a strategic shift toward technology-enabled efficiency. Speaking on the initiative, Badhurudheen Hassan, Director of Retail and SME Banking, described the enhanced convenience the branch would offer to customers seeking modern financial solutions.
The facility includes round-the-clock access to essential banking operations such as cash withdrawals, deposits, bill settlements, and money transfers. During staffed hours, customers are able to open accounts, apply for loans, and complete card-related transactions.
During the ceremony, Minister Muththalib addressed the significance of the development, noting that the provision of key services at the local level remains a central priority of President Dr Mohamed Muizzu's administration. He acknowledged BML's sustained efforts to meet longstanding demands in Dhuvaafaru, a densely populated island whose residents had long awaited a dedicated banking presence. The minister expressed confidence in the branch's potential to improve daily financial engagement across the community.
Recognised as the Maldives' principal financial institution, BML continues to expand its nationwide operations. With the addition of the Dhuvaafaru outlet, the bank now manages 40 branches across all 20 atolls. Its broader network comprises 133 self service banking centres, 188 ATMs, and over 200 cash agents. Alongside its physical presence, BML is advancing its digital infrastructure and cultivating partnerships aimed at serving evolving customer needs.
Founded in Malé in 1982, BML operates as the national bank with a guiding mission of financial inclusion. Its growth strategy focuses on delivering accessible and contemporary banking services to every inhabited island. Through its expanding footprint and investment in digital capabilities, the bank seeks to offer meaningful support to individuals, small enterprises, and wider communities throughout the country.