Maldives Monetary Authority (MMA) has granted a banking license to the Development Bank of Maldives Limited to operate a development bank in the Maldives.
The Development Bank of Maldives Limited is 100% owned by the Government of Maldives.
In a statement, the Central Bank said that it believed that the commencement of the banking services by the Development Bank of Maldives Limited would facilitate the introduction of long-term financing services and drive economic growth in the Maldives.
MMA also said that the bank is required to commence banking operations by 12th October 2025.
It said that this was an important step towards expanding and developing the financial sector of the Maldives.
Meanwhile, Economic Minister Mohamed Saeed said today that the government was honored to have obtained the first license for Development Banking in the Maldives.
He said in a post on X that this is a historic milestone for the country as envisioned by President Dr. Mohamed Muizzu and the Economic Development vision laid by the President.
