Bank of Maldives Enhances Advance Merchant Settlement Facility, Offering Up to MVR 2 Million With Faster Five-Day Processing

Bank of Maldives (BML) has announced significant enhancements to its Advance Merchant Settlement facility, making financing more accessible, faster, and more convenient for businesses across the Maldives as part of the bank's continued commitment to strengthening the financial infrastructure available to its merchant partners.

The upgraded facility introduces a simplified application process with reduced documentation requirements, and applications will now be processed within just five working days, a marked improvement over previous turnaround times that significantly reduces the wait for businesses seeking timely financial support.

Expanded Financing Access

Eligible merchants can now access financing of up to MVR 2 million, determined on the basis of their card settlement history through BML Merchant Services, giving businesses a meaningful and scalable source of working capital to manage operations and pursue growth opportunities.

A Commitment to Merchant Growth

Commenting on the enhancements, CEO and Managing Director Mohamed Shareef said, "This is our continued effort to strengthen the financial infrastructure available to businesses operating across the Maldives. By streamlining the application process and expanding the scope of available financing, we aim to ensure that our merchant partners are better equipped to manage their operational requirements and pursue sustainable growth."

Eligibility Requirements

To qualify for the facility, merchants must meet the following criteria:

• Have accepted card payments through BML Merchant Services for at least six months
• Maintain an average monthly card sales volume of MVR 20,000
• Have no overdue obligations with any financial institution

Hassle-Free Repayment Structure

Repayments are conveniently structured to be automatically deducted from daily merchant settlements, offering a seamless and hassle-free way to manage financing commitments alongside the everyday flow of business operations, with no need for separate manual repayments.

How to Apply

Merchants can submit applications easily through the Message Centre in Internet Banking or via the BML Mobile Banking App, ensuring the process is fully digital and accessible from anywhere at any time.

The enhancements to the Advance Merchant Settlement facility reflect BML's enduring commitment to empowering local businesses by making financing more accessible, supporting day-to-day operations, and enabling sustainable long-term growth for merchants nationwide.