Bank of Maldives (BML) ATM initiative has led to a significant drop in the number of its customers seeking services from its branches, the bank’s CEO and Managing Director Mohamed Shareef has revealed.
The programme, launched under the directive of President Dr Mohamed Muizzu, is designed to ensure that all residents, regardless of island population, have access to essential banking services.
Since its inception, BML has inaugurated 47 new ATMs across seven different Atolls, expanding its network to more than 250 nationwide.
Shareef pointed out that the queue outside ATM’s was testament to its continued importance.
"While ATMs have become such a much needed service for the people living in the city, we do not believe that the people living in the Atolls should be deprived of this service,” he explained.
The expansion is intended to eliminate longstanding barriers faced by island communities, many of whom previously incurred significant costs and travel burdens to access basic banking services. With the new infrastructure in place, residents are now able to conduct transactions such as withdrawals, deposits and transfers directly from their home islands.
As part of the initiatives launched by the bank for digitisation of its services, all banking services are now available without the need to visit a bank branch, Shareef said, adding that the expansion of ATM services has contributed to the further drop in the number of customers seeking services from its branches.
"Even now, 99 percent of transactions are done digitally. The ATM project also benefits the bank. So, there are fewer customers using the branch service,” he explained.
BML expects the project to be successfully completed within the next few months with the ATM network expanded to 33 more islands.