BML enables small businesses to receive USD payments through its payment gateway

Bank of Maldives (BML) announced on Sunday that MSMEs (micro, small and medium enterprises) can now apply for the BML Payment Gateway to receive international payments.

According to BML, the service allows them to accept payments from overseas customers for goods and services.

 Funds will be settled in US dollars for transactions made via international cards.

BML states that the US dollars received can be used without restriction to pay for subscriptions and other international payments using a USD debit card linked to the account.

MSMEs can request the service by applying through the Business Center Corporation (BCC) portal, which will be live later Sunday.

Upon receiving the referral from BCC, the bank will contact the businesses directly to obtain the required documentation and finalize the registration and onboarding process.

Once these steps are complete, the service will be activated.

The initiative is being delivered by the BML in partnership with the Economic Ministry and the BCC, and is designed to support MSMEs serving international markets by giving them a direct route to receive payments from customers abroad.