Access to banking services within local islands has long been a priority for residents of smaller communities. Addressing this need, the government launched a nationwide initiative to install ATMs across the country under the “BML ATMs for the Whole Country” project.
The first ATM under the programme was installed in February last year. Within nine months, Bank of Maldives (BML) expanded the network to 105 islands across 20 atolls, describing the pace of implementation as an unprecedented achievement given the scale of the project.
In November last year, President Dr Mohamed Muizzu announced plans to introduce US dollar ATMs in all islands with a population exceeding 2,000. Within three months of that announcement, dollar ATMs had been installed in 70 islands across the Maldives.
As part of its continued expansion, BML opened an additional 70 dollar ATMs, 20 Maldivian rufiyaa (MVR) ATMs and six branches within the past week.
BML Chief Executive Officer Mohamed Shareef said this marks the first time such a large number of cash recycling ATMs have been synchronised and made operational simultaneously.
He highlighted the rapid growth of the bank’s network, noting that by the end of 2023 there were 138 ATMs across 73 islands. This has now increased to 340 ATMs operating in 187 islands nationwide.
Self-service banking through ATMs has become an essential service for communities across the Maldives, with the network now extending to all inhabited islands, including those in the Greater Malé region.
BML reported that the nationwide ATM network is expected to process deposits totalling MVR 17.1 billion by 2025. The bank added that 8.4 million transactions have already been carried out through its ATMs.
In 2025 alone, newly installed ATMs across 105 islands facilitated approximately 300,000 transactions, with deposits reaching MVR 356 million, according to the bank.