President says SMEs can accept US dollar payments through BML from November 1

President Dr Mohamed Muizzu has announced that small and medium enterprises (SMEs) will be able to accept payments in US dollars through the Bank of Maldives (BML) payment gateway starting from 1 November.

The President said the new arrangement will allow Maldivian small businesses to receive dollar payments from anywhere in the world, describing it as a major advancement for local manufacturers and service providers entering international markets. “Maldivian manufacturers and small businesses selling goods and services in the international market will be able to accept payments in US dollars through the BML gateway from anywhere in the world from November 1,” he said.

He added that businesses will also be able to make subscription payments for services they use without difficulty from the same date. The President said these concessions will remove long‑standing barriers faced by the MSME sector and help increase income and profitability for small businesses.