BML introduces a prepaid card specific for businesses

Bank of Maldives (BML) has launched a prepaid Mastercard specific for businesses.

The ‘Mastercard Business Prepaid’ was launched during an event held at Hotel Jen on Tuesday.

BML said the card falls in line with its strategy to foster financial inclusion through secure digital payments.

The card, in this regard, will offer businesses a safer and more convenient alternative to manage their cash requirements as it allows businesses to easily track purchases and keep everyday small expenses separate. It is a practical payment solution for employees of small businesses as the card offers greater control in managing small overheads and staff expenses.

The new card will be available in both MVR and USD, with both cards accepted locally on ATMs, POS machines and payment gateways while the USD card accepted further on foreign POS machines and Payment Gateways. 

As per the Bank, the card has a daily transaction limit of MVR 200,000 or USD 50,000. However, it may be reloaded up to MVR 500,000 or USD 100,000.

The card balance purchases can be viewed through internet banking and mobile banking application for convenient tracking of usage.

Commenting on the introduction of the new card, BML’s CEO and Managing Director Mohamed Shareef expressed excitement in collaborating with Mastercard to launch an innovative alternative for small businesses.

“Our new Mastercard Business Prepaid card is a significant step in continuing our support for the business community and their evolving needs,” he added.

BML boasts a nationwide network of 39 branches across all 20 atolls, 93 self-service banking centres, 148 ATMs, cash agent banking Service and a full suite of digital banking services.