BML removes cash agent charges for customer convenience

Bank of Maldives (BML) has announced that cash can now be withdrawn from its cash agents without a charge.

BML said that with this change, its customers can now withdraw up to MVR 2,000 daily from all Cash Agents using BML debit cards.

Previously MVR 10 per transaction was charged for any such transactions. In addition to cash withdrawal services, BML said that 40 of its agents can now offer cash deposit services, credit card and loan repayments with no additional charge. 

CEO and Managing Director of BML Mr. Tim Sawyer said, “This charge has been removed in a series of measures to offer better value for our customers. Similar to our ATMs, customers across the country can now withdraw, deposit, and make payments without any fees at our agents,"

"By strengthening our Cash Agent network, we have also eliminated the need for our customers to travel to the nearest branch or ATM, and instead, they have become a convenient means of accessing basic banking on islands.”

BML Cash Agents were introduced in 2014 as part of the Bank’s Financial Inclusion strategy to enable customers to easily access basic banking services at islands without a physical bank presence.

The bank stated that there are now over 200 Cash Agents providing cash withdrawal services and over 40 agents providing cash deposits as well as payment services for free.