Govt hails enabling of USD transactions through BML gateway as ‘pivotal’ step to drive Maldives business growth

The Economic Ministry on Monday hailed the decision by the Bank of Maldives (BML) to enable MSMEs (micro, small and medium enterprises) to receive USD payments through the bank’s payment gateway as a “historic and pivotal” step towards driving the growth of Maldivian businesses.

On Sunday, BML announced that MSMEs can now apply for the BML payment gateway to receive USD payments from overseas customers for goods and services.

The Economic Ministry issued a statement on Monday welcoming the move.

“Facilitating a path for MSMEs that sell goods and services in the international market to receive USd funds through the BML payment gateway from any country and anywhere in the world is a historic and pivotal step towards driving the growth of Maldivian businesses,” stated the ministry.

The Economic Ministry noted that the dollars received can also be used without restriction to pay for subscriptions and other foreign transactions using a USD debit card linked to the account.

“This is a huge support for Maldivian business owners to gain a foothold in the international digital economy,” stated the ministry.

According to BML, MSMEs can request the service by applying through the Business Center Corporation (BCC) portal.

Upon receiving the referral from BCC, the bank will contact the businesses directly to obtain the required documentation and finalize the registration and onboarding process.

Once these steps are complete, the service will be activated.

The initiative is being delivered by the BML in partnership with the Economic Ministry and the BCC, and is designed to support MSMEs serving international markets by giving them a direct route to receive payments from customers abroad.