Bank of Maldives has announced plans to expand its deposit and payment services with Cash Agents in 100 islands within the year.
The Bank said that 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.
It said that although the service was launched with just cash withdrawal services, today through these agents, customers can make withdrawals, deposits as well as make payments for loans and credit cards without any additional charges.
BML said that deposit services have been popular among customers since its launch.
It also noted that over the past year, MVR 180 million has been deposited via 41 cash agents.
BML added that with this service, local communities can bank conveniently in their home island, without the need to travel to the nearest branch or ATM Centre.
It also said that currently there are over 200 cash agents providing withdrawal services across the islands.
