MATATO calls to reduce bank fees for mid-level businesses

Maldives Association for Travel Agents and Tour Operators (MATATO) has called to the banks to reduce the fee charged for small and mid-level businesses.

The association made the statement today at the Maldives Financial Expo 2017. MATATO said that the small and mid-level businesses in the Maldives is charged an interest of 9-11 percent from the banks and it is an obstruction to maintain and develop such businesses.

The other major challenge for such businesses is the obstructions in acquiring loans for such businesses in the form of large equities and such according to MATATO.

At the seminar today, MATATO called to the banks to reduce the Merchant fees, Cross border fees along with Card transaction fees. The Association also requested assistance from MMA as well in reaching a solution.

With 130 resorts, 14 hotels, 430 guesthouses and 145 safari yachts operating in the Maldives, 25 percent of the tourists are managed by Maldivian travel agents. And with tourists coming to guesthouses and safari yachts combine to make 40-50 percent of the total number of tourists visiting the country, MATATO said that the support for such businesses is very small.