The Ministry of Fisheries and Ocean Resources has announced that loans have been issued to 89 fishermen registered in the National Fishermen’s Registry.
Fishing was formally recognised as a profession on 28 April last year, enabling registered fishermen to access dedicated financial services. The Bank of Maldives (BML) began issuing these loans from early May.
The ministry stated that since the programme's launch, 89 fishermen listed in the registry have received loans through BML's Masveriyaa Portal. Registered fishermen can now access various credit facilities based on their income, including personal financing, credit cards and housing loans.
Under the new arrangement, eligible fishermen can obtain personal financing of up to MVR 300,000 without the need for collateral or equity contribution.
The ministry highlighted that the National Fishermen’s Registry plays a crucial role in enabling fishermen to access formal financial services. The registry provides official documentation that allows banks and financial institutions to assess fishermen’s income and credit eligibility more accurately.