SME Digital, a subsidiary of Bank of Maldives (BML), has announced a new automated repayment integration that will allow customers to automatically deduct funds from their BML accounts on loan due dates, eliminating the need for manual payments.
The innovative service aims to provide enhanced convenience to customers who have taken loans through SME Digital, reflecting the company's ongoing commitment to leveraging digital solutions to improve customer experience.
Speaking about the new integration, SME Digital CEO Badruddeen Hassan emphasised the company's dedication to simplifying financial processes for its customers.
"We are continuously working to bring convenience to our customers through digital solutions," he said, adding that this integration will significantly simplify the payment process by reducing the administrative burden on customers and enabling automatic payments directly from their bank accounts.
The automated system offers multiple benefits for borrowers, including reduced administrative tasks, guaranteed on-time payments, and improved credit histories. Customers will also benefit from higher credit ratings as a result of consistent, timely repayments. Additionally, the service is expected to save considerable time on payment processing, allowing business owners to focus more on growing their operations.
The rollout will occur in phases, with the service initially available to customers who have converted their conventional loans to Islamic financing through the Islamic Refinancing Initiative. SME Digital plans to expand the service to other customer segments in the coming stages.
This automated repayment integration represents another step forward in SME Digital's broader commitment to providing customers with innovative digital financial solutions tailored to the evolving needs of small and medium enterprises in the Maldives.