BML brings positive changes to Advance Merchant Settlement facility

The Bank of Maldives (BML) has announced enhancements to its Advance Merchant Settlement facility, aimed at improving access to financing for businesses across the Maldives.

Under the revised facility, merchants will benefit from a simplified application process and reduced documentation requirements, with applications expected to be processed within five working days. Eligible merchants can also access financing of up to MVR 2 million, based on their card settlement history through BML Merchant Services.

BML Chief Executive Officer and Managing Director Mohamed Shareef said the enhancements form part of the bank's ongoing efforts to strengthen financial support for businesses nationwide.

"This is our continued efforts to strengthen the financial infrastructure available to businesses operating across the Maldives. By streamlining the application process and expanding the scope of available financing, we aim to ensure that our merchant partners are better equipped to manage their operational requirements and pursue sustainable growth," he said.

To be eligible for the facility, merchants must have accepted card payments through BML Merchant Services for at least six months, maintain an average monthly card sales volume of MVR 20,000, and have no overdue obligations with any financial institution. Repayments will be automatically deducted from daily merchant settlements, allowing businesses to manage financing alongside their regular operations.

Applications can be submitted through the Message Centre in Internet Banking or via the BML Mobile Banking app.

According to BML, the enhancements reflect the bank's continued commitment to improving access to financing for local businesses, supporting their day-to-day operations and long-term growth.

Further information regarding Advance Merchant Settlement is available on the bank’s website.