President Dr Mohamed Muizzu has announced that, from November 1, Maldivian producers and small businesses selling goods and services in international markets will be able to receive payments in US dollars through Bank of Maldives (BML)’s payment gateway.
The President made the announcement while delivering remarks at the Maldives Expo 2026 awards ceremony.
He noted that Maldivian producers and small businesses had faced numerous challenges in receiving payments from overseas. To address these barriers, the Ministry of Economic Development and Trade, Business Centre Corporation (BCC) and BML have been working together on measures to facilitate international payments.
Under the new arrangement, businesses will be able to receive payments in US dollars through BML’s gateway from anywhere in the world. From November 1, the funds received will also be usable for overseas purchases of goods and services through cards and remittances, as well as payments for business subscriptions.
President Muizzu said these measures would create significant opportunities for existing small and medium-sized enterprises (SMEs) and aspiring entrepreneurs, helping them increase their income by removing barriers to growth.
He added that the Government’s aim was to enable as many citizens as possible to establish their own businesses and achieve greater financial independence.
“We want to make it easier for SMEs to overcome the challenges they face and increase their income. By facilitating these processes, we want to create more opportunities for small and medium-sized businesses to grow and enable as many citizens as possible to start their own businesses and achieve financial independence,” the President said.
During his remarks, the President also shared figures on financial assistance provided to SMEs.
He said loans worth approximately USD 51.6 million had been disbursed to SMEs, benefiting more than 1,000 business owners.
The President also highlighted the Youth Entrepreneurship Programme, launched on July 15 to encourage young entrepreneurs. Under its first phase, more than 3,000 young people have received over USD 19.5 million in financing.
He added that the programme’s second phase would commence in November.