The Bank of Maldives (BML) has launched a new feature called "Investments", allowing customers to invest US dollars (USD) directly with the bank.
The service was officially launched during BML's "Chat with CEO" event held at Hotel Jen.
The feature has been integrated into the bank's Mobile App and Internet Banking platform, enabling customers to view real-time information on active daily investment pools offering different rates of return and complete transactions online.
Under the new feature, customers who invest US dollars will receive the equivalent amount in Maldivian Rufiyaa (MVR) instantly into their account.
The profit generated from the investment will be credited to the customer's MVR account the following day.
BML said investments are divided into different pools with varying rates of return, allowing customers to earn profits of up to 25%.
Speaking at the launch, BML Chief Executive Officer Mohamed Shareef said the feature creates an opportunity for customers to invest US dollars while earning attractive returns. He said the initiative is also designed to help the bank secure the foreign currency needed for its wider operations.
"When USD earners invest in these high-yielding pools, we utilise those funds for e-commerce retail transactions and other fee-generating operations. After deducting operational costs, the fees earned from those transactions are passed back to the investors as profit. This injects USD into the bank, allowing us to cater to customers' essential needs, including card payments, e-commerce businesses and goods importation. The result is a sustainable, mutually beneficial ecosystem for all parties involved," Shareef said.
He also highlighted the growing demand for foreign currency in the Maldives. He said the volume of US dollars sold each month for international purchases and services through debit and credit cards has increased 3.7-fold over the past five years.
According to the bank, it now sells an average of USD 39.3 million each month for card transactions, while the number of customers using international card services has more than doubled.
A live demonstration of the "Investments" feature was presented during the launch event. BML reiterated that customers receive the MVR equivalent of their invested US dollars immediately, with profits credited once the investment transaction cycle has been completed.