BML expects card-dollar sales to exceed last year by USD 30 million

The Bank of Maldives (BML) sold about USD 30 million more in card-related dollars this year compared to 2023, according to the bank’s latest figures.

BML Head of Brand and Market Strategy Mohamed Saeed told PSM’s Raajje Miadhu programme that total card sales last year reached USD 390 million, the highest annual figure recorded to date. As of August this year, card sales have already reached USD 304 million.

“Even at the current average, we will sell about USD 30 million more for cards this year,” Saeed said, noting that the number of customers making overseas transactions has increased significantly compared to last year.

He said an estimated 270,000 BML customers make online transactions every month, a volume he said no other bank in the country can support. According to BML, more than 70 e-commerce transactions occur every second on high-traffic platforms such as Temu, Alibaba, Apple and Amazon.

BML’s international e-commerce limits reset at 7:00 a.m. daily.

From January to August, the bank spent an average of USD 38 million per month on e-commerce and other card transactions. In addition, BML has allocated a separate fund of USD 81 million per month to ensure uninterrupted access to dollars for health and education payments, covering all sectors and essential services.