Bank of Maldives Launches US Dollar Investment Offering With Returns of Up to 25%, Supporting Foreign Currency Sustainability

Bank of Maldives (BML) has officially launched a new US Dollar Investment offering, giving customers the opportunity to earn competitive returns of up to 25% by investing their US dollars while simultaneously supporting the sustainability of the bank's essential foreign currency services.

The invested funds will be utilised to facilitate the bank's fee-generating commercial activities, including e-commerce retail transactions and card payments, creating a self-sustaining ecosystem that delivers meaningful value to investors, card users, and the bank alike.

How the Investment Works

Daily investment pools, each offering different rates of return, are available through the BML Mobile App and Internet Banking, with both platforms enhanced to allow customers to complete their investments fully online and seamlessly. Upon making an investment, customers will receive the equivalent value in Maldivian Rufiyaa (MVR) instantly credited to their account, with the profit credited to the customer's MVR account on the following day, making it a highly accessible and rewarding investment experience.

The Numbers Behind a Growing Need

Speaking at the launch ceremony, CEO and Managing Director Mohamed Shareef shed light on the remarkable growth in foreign currency demand that has driven the creation of this product. "Over the past five years, the volume of US dollars sold for debit and credit card transactions relating to overseas purchases and services has increased 3.7-fold, reaching an average of USD 39.3 million per month this year. During the same period, the number of customers using these services has more than doubled. Today, between 250,000 and 300,000 customers make foreign transactions every month using their MVR cards," he said.

Mr. Shareef identified the rapid rise of cross-border e-commerce among Maldivians as the primary driver behind this growth. "This trend reflects the country's rapid adoption of digital innovation. Advances in digital payment systems, the expansion of global online marketplaces, and significant improvements in telecommunications and logistics have made international shopping more accessible and affordable than ever before. Maldivians have consistently embraced these technological advancements, while the increasing affordability of cross-border shopping has further accelerated this trend," he noted.

A Sustainable Solution for All Stakeholders

The CEO highlighted the scale of the challenge and the rationale behind the new investment model. "Over the past 36 months, the bank has sold approximately USD 1.6 billion to meet personal foreign currency requirements and business transactions, with nearly 60% of that amount allocated specifically to card payments. As demand continues to grow each month, sustaining these volumes of dollar sales becomes increasingly challenging. Nevertheless, we do not wish to introduce measures that would disrupt or restrict a service relied upon by such a large segment of our customers. Our objective is to ensure that this service remains sustainable," he said.

He further explained, "To achieve this, we have created an investment model that benefits investors, card users and the Bank alike. By encouraging customers with US dollar income to invest in these high-yield investment pools, the Bank is able to use those invested funds to facilitate e-commerce retail transactions and other fee-generating activities. After deducting operational costs, the resulting income is distributed to investors as returns. This allows the Bank to secure the foreign currency needed to meet the essential needs of our customers, including card payments, e-commerce transactions and the import of goods. The result is a sustainable ecosystem that delivers value to investors, customers and the Bank."

The launch event featured a live demonstration of the US Dollar Investment offering, showcasing the fully digital investment process available through the BML Mobile App and Internet Banking, followed by a question-and-answer session with the CEO that provided further insights into the new product's strategic role in supporting BML's long-term foreign currency sustainability.