Bank of Maldives (BML) announced on Sunday expanded its cash deposit and payment services across atolls, boosted by an additional 40 Cash Agents.
According to BML, customers can make cash deposits of up to MVR 10,000 per day, in addition to making payments for loans and credit cards.
BML clarified that the bank currently employs over 200 Cash Agents, providing withdrawal services across Maldives, out of which 40 local retailers now provide the aforementioned services.
"Using our existing POS network to establish Cash Agents has proven to be a successful model in our Financial Inclusion strategy. Cash Agents work similar to ATMs in that they can be used for cash withdrawals, deposits and payments through a POS terminal using customer’s debit card", said BML's CEO and Managing Director Tim Sawyer.
"Local communities can bank conveniently at their home island, without the need to travel to the nearest branch or ATM."
Bank of Maldives operates a network of 38 branches across 20 atolls, 58 Self Service Banking Centres, 121 ATMs, and over 200 agents and a full suite of Digital Banking services.