CEO and Managing Director of Bank of Maldives (BML) Andrew Healy has said that the bank has issued loans roughly worth MVR 2 billion over the past 12 months.
Healy made this remark at a ceremony at Salsa Royal on Wednesday evening, to launch a new loan for retailers.
Healy said, “The Retailers’ Loan is part of the Bank’s commitment to increase support for businesses and to help fuel the growth of local MSMEs [Micro, Small and Medium sized Enterprises]. Business owners will be attracted by the fact that the only requirement to qualify is to have a BML point-of-sale machine with reasonable turnover. No collateral is required and the application process is fast – ten working days maximum.”
He also said that BML will place cash agents in all inhabited islands before the end of the year.
BML, which has 27 branches in 19 atolls, also introduced a loan for teachers earlier this year.