BML inaugurates USD ATM centre in Addu City

Bank of Maldives (BML) has launched USD ATM service in Addu City with the inauguration of a USD ATM centre in Hithadhoo district.

The USD ATM centre was inaugurated during special ceremony held for the purpose on Sunday night. The ceremony was attended by BML’s CEO Mohamed Shareef, Economic Minister Mohamed Saeed and Addu City Mayor Ali Nizar.

The USD ATM centre inaugurated last night will support individuals and businesses to withdraw and deposit money among other services on a 24/7 basis. Apart from the USD ATM Centre, Hithadhoo currently has a branch with two ATMS: one dedicated to self-service banking and other for withdrawals.

The first ATM by BML in the atolls was established in Addu City. At present, the city has three branches, nine ATMS and a connect centre.

Speaking at the inauguration ceremony, BML’s CEO Shareef said the inauguration of the USD ATM centre in Hithadhoo represents the bank's commitment to addressing the growing demand for USD transactions in Addu City.

“Our bank is strengthening its presence in Addu City with the recent rebrand of Gan branch to BML Islamic, according higher priority to Islamic banking, and the establishment of the USD ATM,” he added.

Shareef also described the recent positive changes to BML’s guesthouse financing as a change that is crucial to Addu City residents.

BML brought positive changes real estate financing, guesthouse financing, work capital financing and housing finance products last week. Shareef cited the change to guesthouse financing as one that is crucial to Addu City as it would allow financing up to 70 percent of the project without mortgaging an additional property apart from the guesthouse being developed. This change addresses one of the main challenges faced when applying for such financing, which is the requirement to mortgage an additional property as security.

According to Shareef, loans can be withdrawn under the financing scheme for the development of guesthouses at land plots leased by Addu City Council as well.

Changes to guesthouse financing

• Guesthouse proposed for the financing can now be listed as the sole security
• Guesthouses operating for over 2 years can access financing at 11 percent
• New guest houses can access financing at 12 percent

Shareef said the positive changes to guesthouse financing and other financing products were brought with areas such as Addu City in mind, to facilitate more opportunities for individuals seeking to construct houses, develop guesthouses and expand their businesses.

As such, he highlighted the changes to working capital financing which now allows businesses to access financing up to 2.5 times more than the average monthly sales – with the eligibility criteria relaxed to accommodate more businesses.