The Bank of Maldives (BML) has launched a student debit card – a debit card for children aged 7 and upwards to teach them to spend responsibly.
The BML student card – the first of a kind in the Maldives - was launched in a ceremony held at the JEN Maldives Malé by Shangri-La on Saturday morning.
The launch of the debit card – which the national bank said is designed to help children learn practical money management skills and give them a sense of independence – coincided with the National Children’s Day.
BML said the card will allow parents to send money, guide spending, manage the card functions and through this experience, teach children important financial habits from a young age.
The card is issued as a Visa debit card, has zero fees and can be used for both local and international transactions.
 It also offers a first-of-its-kind benefit for children with an annual rebate of 0.5 percent on total amount spent using the card. The rebate, provided at the end of year, will be automatically credited to the child’s savings account, allowing for smart saving even while spending.
Bank of Maldives (BML)'s CEO and Managing Director, Mohamed Shareef at the launch of the BML Student Card on May 10, 2025. (Photo/BML)
BML’s CEO and Managing Director, Mohamed Shareef said the bank is proud to introduce another industry-first innovation.
“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,” he said.
The card features two designs – one for children aged 7 to 12 and the other for those aged 13 to 17.
Bank of Maldives launches the BML Student Card on May 10, 2025. (Sun Photo/Maaniu Mohamed)
Parents can apply for a student card via the BML mobile banking App, through which they will also have access to card management features such as freezing and unfreezing cards, blocking cards or changing PIN. For added security, One-Time Password (OTP) verifications for online or high value transactions will also be sent to the parent’s registered mobile number.
BML, as the leading financial institution in the country, reiterated its commitment to delivering innovative and accessible banking solutions for all Maldivians, and pioneering products that support the nation’s economic growth and development.