Bank of Maldives (BML) has launched the country’s first BML Student Debit Card at a ceremony held in Hotel Jen on Saturday.
According to BML, the Student Card, designed to help children learn practical money management skills and give them a sense of independence, is available for children aged seven and above. Parents can send money, guide spending, manage the card functions and through this experience, teach children important financial habits from a young age, the bank said.
The card is issued as a Visa Debit card, has zero fees and can be used for both local and international transactions. It also offers a first-of-its-kind benefit for children with an annual rebate of 0.5 percent on the total amount spent using the card. The rebate, provided at the end of year, will be automatically credited to the child’s savings account, allowing for smart saving even while spending.
BML’s CEO and Managing Director, Mohamed Shareef said the BML Student Card is designed to equip students with the tools to manage their finances responsibly long before they reach adulthood.
“By fostering financial literacy from an early age, we aim to cultivate a generation that is confident and knowledgeable about financial services,” he explained.
The Card features two designs – one for children aged 7 - 12 and the other for those aged 13 - 17. Parents can apply for a Student Card from the BML Mobile Banking App, through which they will also have access to card management features such as freezing and unfreezing cards, blocking cards or changing PIN.
For added security, One-Time Password (OTP) verifications for online or high value transactions will also be sent to the parent’s registered mobile number.