The Bank of Maldives (BML), in partnership with SME Digital, has unveiled a new Youth Entrepreneurship Financing facility aimed at empowering young Maldivians to start and grow micro‑ and small‑enterprises.
The initiative was formally inaugurated by President Dr Mohamed Muizzu at the Youth Entrepreneurs Expo, which opened on 15 July in the capital, Male’.
Targeted at individuals aged 18 to 30, the unsecured loan product requires neither collateral nor equity. Eligible applicants can obtain up to USD 9,700 to launch or expand their ventures. The facility carries a competitive annual interest rate of 7 percent and promises an expedited approval process, with credit decisions delivered within 24 hours of application. Borrowers benefit from a flexible repayment term of up to five years, inclusive of a six‑month grace period that eases early‑stage cash‑flow pressures.
Beyond financing, SME Digital will provide hands-on business guidance, mentorship, and training workshops to help recipients develop viable, sustainable enterprises.
“We believe that supporting young entrepreneurs today is an investment in the future of the Maldives,” Mohamed Shareef, CEO and Managing Director of BML said.
“Through this MVR 1 billion financing scheme with SME Digital, we are helping aspiring entrepreneurs transform their ideas into viable businesses while building the skills and capabilities required for long‑term success.”
Badhurudheen Hassan, CEO and Managing Director of SME Digital, echoed the sentiment.
“Through Youth Entrepreneurship Financing, we are providing approvals within 24 hours, a simple and seamless application process, and quick disbursements, enabling young entrepreneurs to turn their ideas into reality without delays. Together with the Bank of Maldives, we are making entrepreneurship more accessible and empowering the next generation to begin their business journey with confidence,” he said.
The launch underscores BML’s ongoing commitment to financial inclusion and economic diversification, positioning the Maldives for a new wave of home‑grown innovation and job creation driven by its youth.