Bank of Maldives Transforms Digital Banking, Offering Full Online Access from Ramadan

Bank of Maldives (BML) has announced a major expansion of its digital banking services, allowing customers to access a comprehensive range of banking facilities online without the need to visit a branch. The new services, which will be introduced from the first day of Ramadan, mark a significant step towards enhancing convenience and accessibility for customers across the country.

With the latest expansion, customers will be able to perform essential banking transactions 24/7 through BML’s digital platforms, including depositing and withdrawing cash, transferring funds, making loan and credit card repayments, and paying for goods and services. Other key features include sending money overseas, applying for Lui Loans and Financing, managing cards, and paying Fitr Zakat.

From March 1, 2025, the bank will introduce several new digital services aimed at simplifying banking for both personal and business customers. One of the most notable additions is the digital onboarding feature, which enables instant online account opening for both individuals and businesses. This eliminates the need for customers to physically visit a branch to open an account. Additionally, customers will now be able to apply for all types of loans and financing, including home, construction, and business loans, entirely online.

The bank will also introduce new remittance services, allowing inward foreign remittances of up to USD 10,000 with instant verification and outward remittances of up to USD 5,000 through telegraphic transfers (TT) or international money transfers on BML’s mobile banking platform. To further support businesses, the ATM withdrawal limit for business cards will be increased to MVR 200,000, reducing reliance on cheques for large transactions.

In addition to these digital banking enhancements, BML has also introduced service improvements to streamline customer experience. Going forward, all debit, credit, and prepaid cards will be delivered directly to customers, eliminating the need for in-person collection. Cards can be activated and PINs can be changed via BML’s Internet and Mobile Banking services. Merchant settlements for transactions made through BML-issued cards on the bank’s POS terminals and payment gateway will now be credited to merchant accounts within 24 hours. Furthermore, in the event of ATM errors during withdrawals or deposits, the bank will ensure funds are credited back to the customer’s account within an hour.

To enhance customer support, businesses will have access to dedicated Relationship Managers, providing personalized banking assistance. Additionally, customers can contact BML’s support team 24/7 through its Contact Centre, chatbot, and live agents on the website, WhatsApp, or Viber.

While digital banking services will remain fully operational throughout Ramadan, BML has also announced its revised branch operating hours. During Ramadan and the first seven days of Shawwal, branches will be open from 9:30 a.m. to 12:30 p.m. on all working days. However, branches will remain closed during the last ten days of Ramadan, except on March 27 and March 29, 2025.