The Bank of Maldives (BML) has introduced a new instalment payment service that allows eligible credit cardholders to spread the cost of larger purchases over time.
The service, known as BML SplitPay, enables customers to convert purchases of more than USD 97.04 into monthly instalments ranging from three to 24 months. It is available to customers with an approved SplitPay limit when making purchases through participating merchants.
Customers using American Express, Visa or Mastercard credit cards can convert eligible transactions into instalment payments at the point of purchase, offering greater flexibility in managing higher-value spending.
The Bank said the new service is designed to help customers better plan their finances by breaking larger payments into more manageable amounts.
Bank of Maldives Chief Executive Officer and Managing Director Mohamed Shareef said the initiative gives customers greater flexibility in how they pay for purchases, making it easier to manage expenses with increased confidence and convenience.
The introduction of BML SplitPay forms part of the Bank's broader efforts to expand its range of digital financial services and provide payment solutions tailored to customers' changing needs.