Bank of Maldives has launched the country’s first BML Student Debit Card at a ceremony held in Hotel Jen today.
The Student Card, designed to help children learn practical money management skills and give them a sense of independence, is available for children aged 7 and above.
BML said that parents can send money, guide spending, manage the card functions, and through this experience, teach children important financial habits from a young age.
The card is issued as a Visa Debit card, has zero fees and can be used for both local and international transactions. It also offers a first-of-its-kind benefit for children with an annual rebate of 0.5% on total amount spent using the card. The rebate, provided at the end of year, will be automatically credited to the child’s savings account, allowing for smart saving even while spending.
BML’s CEO and Managing Director, Mohamed Shareef, said that the Bank was proud to introduce another industry-first innovation from Bank of Maldives.
The Card features two designs – one for children aged 7 - 12 and the other for those aged 13 - 17. Parents can apply for a Student Card from the BML Mobile Banking App, through which they will also have access to card management features such as freezing and unfreezing cards, blocking cards, or changing PINs. For added security, One-Time Password (OTP) verifications for online or high-value transactions will also be sent to the parent’s registered mobile number.
Bank of Maldives is the leading financial institution in the country, committed to delivering innovative and accessible banking solutions for all Maldivians. BML continues to pioneer products that support the nation’s economic growth and development.
