Bank of Maldives Plc. (BML), on Tuesday, has launched its Cash Agent services at B. Maalhos – making it the 75th island on which the service has been established at.
Introduced in 2015 – Cash Agent banking involves using local retailers to provide cash withdrawal and deposit services at inhabited islands that do not have a BML branch or an ATM established on the island.
Today, the services provided through Cash Agents have been broadened to facilitate payments for loans or credit cards without any additional charges – in additional withdrawals and depositing services.
The daily withdrawal limit from Cash Agents is set at MVR 2,000 – whereas the deposit limit is set at MVR 10,000.
Marking the launch of its 75th Cash Agent banking service – BML’s CEO, Managing Director Tim Sawyer said that the service will be expanded to 100 inhabited islands over the course of the next few months.
“Today represents an important milestone as we celebrate the 75th island to benefit from our Cash Agent banking services. This is part of our financial inclusion strategy to enable customers to easily access basic banking services across residential islands without the need to travel to an island with a Branch or ATM. We look forward to expanding the service to 100 inhabited islands over the next few months,” he had said.
As the largest bank operating in the Maldives – BML has established 35 branches across all 20 atolls; 73 self-service banking centers, 134 ATMs, over 200 agents a full suite of digital banking services.