Bank of Maldives (BML), on February 1, announced plans to expand deposit and payment services with cash agents located in 100 islands across Maldives throughout 2021.
BML established cash agents in 2014 as part of the bank’s Financial Inclusion strategy to offer services in islands without a branch or ATM. Although only cash withdrawal services were available at the time of introduction, the cash agents now facilitate withdrawals, deposits and payments for loans or credit cards without any additional charges.
With over MVR 180 million deposited with BML via 41 cash agents in 2020, deposit services remain a popular and widely used service since introduction.
According to BML, the expansion of this service will enable local communities to bank conveniently from their islands of residence without having to travel to the nearest branch or ATM Centre.
At present, there are more than 200 cash agents providing withdrawal services across Maldives. The daily withdrawal limit from cash agents is set at MVR 2,000 while the deposit limit is MVR10,000.