Bank of Maldives eases terms for merchant financing facility

The Bank of Maldives has updated its Advance Merchant Settlement facility, a financing product for card machine merchants. Approved applications will now be processed within 5 days, and merchants can access up to MVR 2 million based on their card transaction history.

Sham'aan Shakir

03 July 2026, 16:34

The Bank of Maldives (BML) has announced changes to its Advance Merchant Settlement facility, a financing product for businesses that use card machines. The changes take effect immediately, the bank said in a statement dated July 3, 2026.

BML said the application process has been simplified. Approved businesses will now receive financing within 5 days. Merchants can access financing of up to MVR 2 million, based on their card machine transaction history.

BML CEO and Managing Director Mohamed Shareef said the change reflects the bank's ongoing work to expand and strengthen financial services for Maldivian businesses. He said the goal is to simplify the application process, widen the scope of financing, and help merchants grow their businesses.

To qualify, a business must have processed card transactions through BML's merchant service for at least 6 months. The business must also have an average monthly card sales volume of MVR 20,000 or more. Applicants must not have any outstanding payments owed to other financial institutions.

BML said repayment will be automatic. The amount owed will be deducted daily from the merchant's card sales revenue.

Businesses can apply for the facility through BML's internet banking platform or its mobile app.

BML said the changes are meant to make financing more accessible for day-to-day business expenses and to support the long-term growth of merchants.

Bank of Maldives eases terms for merchant financing facility

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