BML recruits 40 cash agents in Atolls to expand banking services

The Bank of Maldives BML has expanded its cash deposit and payment services in the atolls with 40 Cash Agents.

BML said through these agents, customers can make cash deposits of up to MVR 10,000 per day as well as make payments for loans and credit cards.

BML said as part of its efforts to bring banking services to islands, the Bank introduced its Cash Agent service in 2014.

It said that today, there are over 200 Cash Agents providing cash withdrawal services across the islands.

BML said with today’s announcement, 40 of these local retailers now provide cash deposits as well as payment services with no additional charges.

Using our existing POS network to establish Cash Agents has proven to be a successful model in our Financial Inclusion strategy. Cash Agents work similar to ATMs in that they can be used for cash withdrawals, deposits and payments through a POS terminal using customer’s debit card. Local communities can bank conveniently in their home island, without the need to travel to the nearest branch or ATM.

BML’s CEO and Managing Director Tim Sawyer

BML has a nationwide network of 38 branches across all 20 atolls, 58 Self Service Banking Centres, 121 ATMs, over 200 agents, and a full suite of Digital Banking services and said that it is committed to supporting individuals, businesses and communities across the Maldives.