The Bank of Maldives (BML) has announced plans to develop e-commerce options for entrepreneurs and small businesses.
According to a statement released by the bank, the set-up fee and monthly maintenance fee for the BML Payment Gateway have been removed, as of 1 March 2019. They also introduced flexible settlement options for small businesses to use the service without a security deposit.
The Deputy CEO and Director of Operations, Mr Mohamed Shareef stated that e-commerce is growing rapidly in the Maldives and that around 112 merchants use the BML Payment Gateway for over 1.5 million transactions last year alone.
He went on to add that this new change to the system is a very positive response to feedback from businesses. He also added that they are confident that the change will allow for businesses to grow and that this would help expand e-commerce in the country.
BML has a long history of working with the local business community.
The bank offers a large variety of digital services including internet banking, mobile banking, and the mobile wallet. Additionally, over 90% of all financial transactions in the country, which represents over 40 million transactions, were carried out through their digital channels.