Bank of Maldives and SME Digital Launch Youth Entrepreneurship Financing, Offering Up to MVR 150,000 at 7% for Aspiring Entrepreneurs Aged 18 to 30

Bank of Maldives (BML), in collaboration with SME Digital, has introduced the Youth Entrepreneurship Financing facility, a groundbreaking initiative designed to empower young Maldivians to establish micro and small enterprises and transform their innovative ideas into sustainable and successful businesses.

The facility was officially launched by President Dr. Mohamed Muizzu at the Youth Entrepreneurs Expo, signalling strong government support for the next generation of Maldivian business leaders and reinforcing the national commitment to youth-driven economic growth.

An Accessible and Collateral-Free Financing Solution

The unsecured financing facility is open to individuals aged 18 to 30, with no requirement for collateral or equity, removing one of the most significant barriers that aspiring young entrepreneurs typically face when seeking startup funding. Eligible applicants can access up to MVR 150,000 in funding, providing the capital needed to launch or expand micro and small ventures, including freelance and self-employment initiatives.

The facility features a competitive annual interest rate of 7%, with an expedited approval process delivering decisions within 24 hours, ensuring that young entrepreneurs can access funds quickly when opportunities arise. A flexible repayment period of up to five years is available, inclusive of a six-month grace period, giving recipients the breathing room to establish their businesses before repayment obligations begin.

More Than Financing: Mentorship and Business Support

Beyond the financial component, SME Digital will provide practical business guidance, mentorship, and training to recipients throughout their entrepreneurial journey, equipping young business owners with the skills, knowledge, and support they need to build enterprises that are not just viable, but lasting and impactful.

A MVR 1 Billion Commitment to Youth Entrepreneurship

Commenting on the launch, BML CEO and Managing Director Mohamed Shareef said, "We believe that supporting young entrepreneurs today is an investment in the future of the Maldives. Through this MVR 1 billion financing scheme with SME Digital, we are helping aspiring entrepreneurs transform their ideas into viable businesses while building the skills and capabilities required for long-term success."

SME Digital CEO and Managing Director Badhurudheen Hassan added, "Through Youth Entrepreneurship Financing, we are providing approvals within 24 hours, a simple and seamless application process, and quick disbursements, enabling young entrepreneurs to turn their ideas into reality without delays. Together with Bank of Maldives, we are making entrepreneurship more accessible and empowering the next generation to begin their business journey with confidence."

The launch of Youth Entrepreneurship Financing reflects Bank of Maldives' continued and deeply held commitment to supporting entrepreneurship, advancing financial inclusion, and creating greater economic opportunities for the next generation of Maldivian business leaders, one idea at a time.