Bank of Maldives has today announced the 2 winners of its Startup Grant for the year 2024. The grant offers two aspiring entrepreneurs the opportunity to secure finances of MVR 500,000 to start and grow a business in the country. The two winners are:
- Niyaf Mohamed (The Island Factory)
Establish a factory to revolutionize the Maldivian fish products industry by introducing high-quality, innovative snacks.
- Mohamed Shamin Ali (After School)
Provide locally designed and assembled STEM (Science, Technology, Engineering, and Mathematics) kits and training programs tailored for young learners.
The winners were selected through a highly competitive evaluation process comprising two stages.
During the first stage, business plans were evaluated to shortlist the 10 most promising applicants. The selected applicants were required to present the business idea to an evaluation committee.
2024 marks the third consecutive year the Bank has awarded a Startup Grant to aspiring businesses. This grant is an opportunity for emerging entrepreneurs to win funding of MVR 500,000
