Bank of Maldives’ (BML) Chief Executive Officer and Managing Director, Mohamed Shareef has revealed that the robust amendments to the card limit has led to an increased volume of overseas transactions valued up to USD 524 million.
The CEO made the remarks while speaking at a ceremony in Addu City, marked to launch the bank’s digital wallet, SWIPE’.
He said BML's aim is not only to provide business services. The bank also aims to explore development paths and assist in the nation’s development. The CEO Shareef emphasised that BML’s inauguration on November 11, 1982 marked a moment symbolising the development of Maldives. He noted that when the Bank of Maldives was established, the banking and financial sector of Maldives was narrow and underdeveloped.
Looking back to the initial days, CEO Shareef said most official banking functions were conducted by foreign banks and that cash was the most common mode of financial transactions. The establishment of the national bank marked the beginning of a sovereign mechanism to assist national and economic development, he said. He also reiterated that BML has played an important role in expanding banking services, bringing cash into the banking system, providing financial assistance to tourism, fisheries and various other key sectors.
CEO Shareef also detailed how the national bank is interlinked with the Maldivian economy. He said that the bank is adversely affected by shocks to the Maldivian economy, and at the same time the banking infrastructure develops as the economy develops.
He lamented that the one the biggest economic challenges faced by the nation is USD shortage, and similarly it is a key challenge for the bank as well, especially when ensuring services such as cross border payments. He highlighted that the low card limit and USD TT limits set by the Bank are the most prevalent concern among citizens. In this regard, he pointed out that as of September 2020, the debit card limit for individuals was set at USD 250 and only 5 percent was released for Telegraphic Transfers (TT). Given the needs of the bank’s customers and the dollar requirements of the merchants’ TTs and Limited Companies USD requirements, the situation back then was unsustainable and as such and the bank’s board and management placed a high priority on finding solutions and made significant efforts in this end, Shareef noted.
He stressed that with the work carried out to find resolution together with the current administration, has led to a significant positive impact on the Bank's dollar position.
BML’s CEO Shareef revealed that President Dr Mohamed Muizzu’s decision to increase the overseas spending limit for debit card was preceded by government assistance to rectify the foreign exchange short position the bank faced. CEO Shareef directed at 2025’s financial position figures as evidence of the support to customers' overseas transactions with the change in card limits. In this regard, he revealed that the combined overseas transactions carried out by customers through ATMs, POSs and E-commerce totaled to USD 524 million. He said this figure is USD 200 million more than the previous year, and that this positive trajectory continues with customers making approximately USD 60 million transactions in January 2026 alone.
To conclude, CEO Shareef said the credit card limits are based on income and banking relationships and the amount of dollars paid for TTs made by businesses has now been increased between 30 percent to 50 percent. And that individuals, businesses and the bank itself will benefit from these developments