Pres vows to address difficulties faced by businesses in accessing overseas payments

President Dr. Mohamed Muizzu has stated that his administration will work to address the challenges faced by Small and Medium Enterprises (SMEs) in accessing international payments.

During the ‘Rayyithunge Adu’ program, a participant highlighted the difficulties SMEs encounter in receiving payments from overseas. The participant noted that PayPal is not yet fully accessible for business transactions in the Maldives, adding that businesses could use alternative platforms even without access to PayPal.

The participant further highlighted taxes on payments as one of the biggest obstacles facing small businesses, alongside lengthy delays in receiving funds. He noted that managing cash flow remains a major challenge for these enterprises.

In response, the President acknowledged the importance of the concerns raised.

"God willing, we will work to bring a positive solution to all the issues you have mentioned. This is specifically aimed at prosperity for the youth and small and medium enterprises," the President stated.

The President added that simplifying small-scale financial transactions would significantly ease the process of conducting business.

Introducing PayPal in the Maldives to enable Maldivians to send, receive and manage money online easily was one of the President's key pledges.

Although Ooredoo introduced PayPal services in the Maldives through mFaisaa on June 15, businesses continue to report that foreign exchange shortages and limited access to US dollars remain significant challenges.