Bank of Maldives Launches First-Ever Student Debit Card

Bank of Maldives (BML) has introduced the country’s first-ever Student Debit Card, aimed at helping children develop essential money management skills from a young age.

The card was officially launched at a ceremony held yesterday at Hotel Jen.

Designed for children aged 7 and above, the BML Student Card encourages responsible spending while fostering independence. Parents can seamlessly transfer funds, monitor usage, and guide their children’s financial habits using the bank’s digital tools.

Issued as a Visa Debit card with no annual fees, the Student Card can be used for both local and international transactions. In a first-of-its-kind feature for children in the Maldives, the card offers a 0.5% annual rebate on total spending. This rebate will be automatically credited to the child’s savings account at the end of the year, combining everyday spending with long-term saving incentives.

BML CEO and Managing Director Mohamed Shareef stated that they are proud to introduce another industry-first innovation from Bank of Maldives. 

The BML Student Card is designed to equip students with the tools to manage their finances responsibly long before they reach adulthood. By fostering financial literacy from an early age, we aim to cultivate a generation that is confident and knowledgeable about financial services.”

The Student Card is available in two unique designs tailored to different age groups: one for children aged 7–12, and another for those aged 13–17. Parents can apply via the BML Mobile Banking App, which also enables full parental control over card functions such as freezing/unfreezing, blocking, or changing the PIN.

For enhanced security, One-Time Password (OTP) verifications for online or high-value transactions are sent to the parent's registered mobile number.