SME Development Finance Corporation (SDFC) has announced the appointment of new Directors and Chairperson to its Board of Directors.
Bank of Maldives CEO and Managing Director, Mohamed Shareef, has been appointed to the Board of Directors and was announced as the new Chairperson.
Former Director of Retail and SME Banking at BML, Badhurudheen Hassan, has been appointed as Managing Director and Executive Director to the Board, and Bank of Maldives’ Head of Card Networks and Strategic Partnerships, Fathimath Farihath Waheed, has also been appointed as a non-executive Director to the Board.
These appointments are the first made after BML acquired the government's share in SDFC last July.
After the acquisition, BML said that as part of this strategic move, SDFC will become a Shari’ah-compliant, digital-first subsidiary, providing technology-driven financial services, focused exclusively on broadening access to finance for the Micro, Small and Medium Enterprise (MSME) sector, including underserved segments such as start-ups, women-led businesses, fishermen, farmers, and agribusinesses, as well as trade and e-commerce businesses.
BML stated that the acquisition of SDFC is underpinned by a clear strategic rationale, leveraging BML’s robust financial position, extensive national network and growing digital banking expertise, to drive the digital transformation of MSME banking in the Maldives and promoting financial inclusion and economic diversification.
