The Asian Bankers Association (ABA) and the Bank of Maldives held a very informative webinar on “Digital Transformation in the Maldives” on 9 July 2026. The session examined how the country’s geography, tourism-based economy and dispersed population have accelerated digital banking.
The webinar featured Abdulla Hassan, Director of Financial Strategy and Planning, and Moosa Nimal, Chief Business Officer of the Bank of Maldives. Moderated by Mig Moreno, Deputy Secretary-Treasurer of the Asian Bankers Association, it addressed the economy, the bank’s digital strategy and financial inclusion.
Presentation by Abdulla Hassan
Abdulla Hassan described the Maldives as a country of approximately 1,192 islands, with around 187 inhabited and about 180 operating as resorts, noting that this geographical dispersion makes digital banking essential for reaching isolated communities.
Mr. Hassan highlighted the following:
- Tourism contributes more than 60% of GDP directly and indirectly. The country welcomed approximately 2.2 million tourists in the previous year and generated around US$5.3 billion in tourism receipts. The economy is valued at about US$7.5 billion.
- Economic growth has generally ranged from 5% to 7%, while inflation has remained below 5% despite heavy dependence on imports. Fishing remains important, although tourism dominates investment, government revenue and foreign-currency earnings.
- Fiscal management and foreign-currency debt servicing as major challenges. In 2026, the Maldives faced repayment of a US$500 million sukuk and a US$400 million currency swap with the Reserve Bank of India. Most major obligations were successfully serviced.
- COVID-19 caused the economy to contract by approximately 37% after the borders closed. Tourism nevertheless recovered within about two and a half years. Hassan also emphasized the central role of the Bank of Maldives, whose assets equal roughly 40% of GDP.
Presentation by Moosa Nimal
Moosa Nimal explained that the Bank of Maldives serves approximately 390,000 customers in a country of about half a million people, noting that it reaches close to 90% of the bankable adult population and leads major banking segments.
Among the highlights of his presentation included the following:
- The bank employs around 1,200 people, more than 99% of whom are Maldivian. Its network includes 49 branches, approximately 208 self-service banking centres, around 340 ATMs and about 6,000 merchants.
- The bank’s strategy combines digital-first delivery, customer service and sustainability. As most transactions occur online, branches are becoming sales and service centres focused on advice and community engagement.
- The bank introduced many of the country’s first modern financial services, including payment terminals, cards, e-commerce acquiring, internet banking, mobile banking and digital wallets. In 2025, customers completed more than 134 million internet- and mobile-banking transactions.
- To address geography, the bank expanded its ATM network to every inhabited island, installing more than 100 additional machines. Nimal also presented Swipe, a locally developed multicurrency wallet offering digital onboarding, virtual accounts, transfers and QR payments.
Question-and-Answer Session
The Q&A addressed competition, tourism, digital transformation, COVID-19 and financial inclusion. Nimal said eight banks operate in the Maldives and that the monetary authority monitors anti-competitive conduct and pricing.
Hassan explained that more than two million tourists visit annually and that over 70% of tourism-related foreign-currency inflows pass through the Bank of Maldives. Nimal identified telecommunications infrastructure, smartphone use and internal technical capability as the main drivers of digital transformation.
The speakers noted that COVID-19 reduced tourism and foreign-currency inflows, while the bank supported customers through an 18-month loan moratorium and accelerated digital adoption. On the nationwide ATM programme, Nimal said logistics were the greatest challenge. Hassan added that digital banking and self-service facilities now provide remote communities with more equal access to banking.
The video recording of the session is available at the ABA YouTube channel HERE.
A copy of the presentation was distributed to all participating ABA members.
