SME Digital has announced plans to introduce two new financing schemes aimed at widening access to credit for small and medium-sized enterprises, including a new facility tailored for marine vessels.
The move follows the company’s rebranding from SME Development Finance Corporation to SME Digital and its transition into a subsidiary of Bank of Maldives, a change intended to strengthen service delivery and expand financing options.
Speaking to State Media, Government Portfolio Officer-in-Charge Aminath Muha said work on a vessel financing scheme is in its final stages and will be launched soon. The facility will support the purchase or construction of boats and vessels, as well as financing for related equipment, machinery, and engines, targeting businesses operating in the maritime sector.
In addition, SME Digital is developing a separate financing product for merchants linked to the use of Bank of Maldives’ point-of-sale services. The company is also working on a Shariah-compliant agricultural financing scheme to complement its existing agriculture loan facility.
SME Digital’s Marketing and Communications In-Charge, Mariyam Shazna, said the company aims to offer more inclusive and flexible financing solutions for SMEs across different sectors, adding that further products are planned for next year to address gaps in the market.
As a subsidiary of Bank of Maldives, SME Digital’s systems are integrated with the BML mobile app, allowing customers to make payments seamlessly through digital channels. The company notes it is the country’s first Shariah-compliant financial institution to combine Islamic finance principles with modern digital technology to support SME growth.