Bank of Maldives to introduce community banking

The Bank of Maldives Plc (BML) signed an agreement with the Maldives Post Ltd this week to provide community banking in islands without BML branches.

Speaking to press after the signing ceremony, Maldives Post Ltd Managing Director Shazly Shafeeq explained that community banking services, such as depositing and withdrawing cash through post, shall be provided to islands without bank branches.

“This is something new, and we shall implement it gradually, step by step, in a number of phases. We hope that, God Willing, the work shall begin the next year, and the first service would be an ATM,” Shazly was quoted as saying in Sun Online.

In the first phase, ATMs are to be set up at Noonu Atoll Velidhoo and Haa Dhaal Atoll Hanimaadhoo. A new ATM has meanwhile been opened at the Maldives Post Ltd building in Male’.