MIB reports strong nationwide success for Bingaa service, two years after launching

The Maldives Islamic Bank (MIB) has reported major success for its “Bingaa” service for children, two years after its launch. 

The “Bingaa” account was introduced with the aim of improving financial literacy among children and helping them develop responsible money-management habits from an early age.

Designed in accordance with Sharia principles, MIB says the account has contributed to an economic and social shift in the country’s banking sector by educating families and children on the importance of saving and spending wisely.

MIB said one of the most distinctive features of the service is its robust structure, which includes three types of accounts tailored to the age and financial needs of children. These are the Bingaa TRX account for day-to-day expenses, the Bingaa Save account for specific savings goals, and the Bingaa Invest account for long-term financial growth.

The bank has also begun issuing debit cards to children over the age of seven, giving them hands-on experience in managing money. MIB said parents’ strong trust in the service stems from the security and complete control it provides. Even when a card is issued to a child, parents can set spending limits for ATM withdrawals, POS transactions and online purchases. Parents also receive instant SMS alerts for every transaction, allowing them to monitor their child’s financial activity securely.

In addition, MIB’s Apply Now portal, which allows customers to open Bingaa accounts within seconds from home using e-Faas, has played a key role in expanding the service and enabling many families to join.

The bank noted that the number of children using Bingaa accounts continues to grow daily, describing the initiative as one of the most successful efforts to promote financial awareness in Maldivian society beyond simply opening bank accounts.