The Bank of Maldives has entered into a Memorandum of Understanding (MoU) with the Ministry of Fisheries and Ocean Resources to facilitate easy access to finance for fishermen.

The agreement was formally signed by the Minister of Fisheries and Ocean Resources, Ahmed Shiyam, and BML’s CEO & Managing Director, Mohamed Shareef.

The BML said this collaboration will enable fishermen registered on the National Fishermen’s Register to access a variety of credit facilities, including personal financing, credit cards, and home loans, based on their income.

Under the new arrangement, eligible fishermen can access personal financing up to MVR 300,000 without collateral or equity requirements. For the first time, the repayment schedules will be structured considering seasonal variations in fishing income.

Applications for Personal Financing and Lui Loan can be submitted through the Bank’s Internet or Mobile Banking App, ensuring accessibility from anywhere across the Maldives.

Through this collaboration, our goal is to enhance fishermen’s access to credit facilities. This will allow us to provide financial solutions that recognize the unique earning patterns and seasonal challenges faced by our fishermen to support their livelihoods sustainably
Mohamed Shareef, BML's CEO and Managing Director

In addition to personal financing, once registered on the National Fishermen’s Register, fishermen will also be able to apply for Home Build Financing, Home Purchase Financing, and Home Construction Financing.

News BML Fisheries ministry