Male’, Maldives -Bank of Maldives (BML) has revealed today that they will expand their deposit and payment services with an additional 100 cash agents throughout the Maldives.
Cash Agents were introduced in 2014 as part of the Bank’s Financial Inclusion strategy to provide banking services in islands without a branch or ATM. Customers can make withdrawals, deposits as well as make payments for loans and credit cards without any additional charges through cash agents.
According to the bank, deposit services have been popular amongst customers since the initial launch, with over MVR 180 million has been deposited through cash agents in 2020.
Customers can withdraw up to MVR 2,000 per day via Cash Agents without incurring extra costs. The cash deposit limit is set at MVR 10,000 per day with no additional charge.
With this service, local communities can bank conveniently in their home island, without the need to travel to the nearest branch or ATM Centre. Currently there are over 200 cash agents providing withdrawal services across the islands.
BML is the largest local bank operating in the Maldives, boasting 38 branches, 63 self-service banking centers, 126 ATMs and over 200 cash agents with expansions to all these services planned or ongoing.