BML launches ‘Masveriyaa’ portal to improve fishermen’s access to finance

Bank of Maldives (BML) has launched the Masveriyaa portal, a new digital platform aimed at improving access to financing for fishermen across the Maldives.

The portal was officially inaugurated by Minister of Transport and Civil Aviation Mohamed Ameen at a ceremony held tonight in Dhuvaafaru to mark Fishermen’s Day.

Designed specifically for the fishing community, the Masveriyaa portal provides eligible fishermen with convenient access to a range of Islamic personal financing products. Fishermen registered with the National Fishermen’s Registry can apply online for financing related to home purchase and construction, higher education, vessel building and repair, guesthouse development, as well as Lui financing for other purposes such as purchasing fishing gear and equipment.

Speaking at the launch, BML CEO and Managing Director Mohamed Shareef said the portal represents a major step in the bank’s efforts to support fishermen. He noted that earlier this year BML partnered with the Ministry of Fisheries and Ocean Resources to improve access to finance for the sector.

“The launch of the Masveriyaa portal underscores our commitment to supporting the fishing community with modern, accessible financial solutions,” he said, adding that the bank remains focused on fostering financial inclusion across all sectors of society.

BML said the portal builds on its existing initiatives to support fishermen, including a commitment introduced in December 2024 to process fishermen’s payments within 48 hours. The bank has also established a dedicated financing facility of up to MVR 300,000 for fishermen without requiring collateral or equity. Repayment schedules under this facility are structured to reflect seasonal income variations, allowing better alignment with fishermen’s cash flow.

The bank also announced plans to introduce card services through the Masveriyaa portal in the near future.