Bank of Maldives Limited (BML) has announced its support to developing e-commerce for businesses with the removal of the set-up fee and monthly maintenance fee for the BML Payment Gateway, effective from March 1. Flexible settlement options have also been introduced for small businesses to use this service without a security deposit, according to the national bank.
Commenting on the change, Deputy CEO and Director of Operations Mohamed Shareef stated e-commerce is growing rapidly in Maldives, adding currently BML have 112 merchants who are using the BML Payment Gateway from which over 1.5 million transactions were carried out in the past year.
Expressing small businesses and entrepreneurs expect better financial flexibility and convenience for developing e-commerce platforms, Shareef said the changes to payment gateway represents a very positive response to feedback from customer segment. He expressed confidence the change will enable growth of businesses and facilitate the expansion of e-commerce in the country.
Furthermore, BML assured it remains committed to supporting the business community with convenient banking solutions to help businesses grow. BML said the changes announced will further strengthen the decades-long relationship BML has enjoyed with businesses.
The bank offers a full spectrum of digital services including internet banking, mobile banking and mobile wallet. More than 90% of all transactions, which represents over 40 million transactions, were carried out through the bank's digital channels in the past year.