More than 3,000 young entrepreneurs across the Maldives have received a combined USD19.5 million in financing under the first phase of a youth entrepreneurship programme launched by Bank of Maldives in collaboration with SME Digital.
The Youth Entrepreneurship Financing facility was introduced to improve access to finance for Maldivian young people seeking to establish or expand micro and small businesses.
The facility is available to individuals aged between 18 and 30 and provides collateral-free financing of up to about USD 9,727, with no equity contribution required.
Mohamed Shareef, CEO and managing director of Bank of Maldives, said the strong response demonstrated young people's interest in entrepreneurship.
“We are proud to support aspiring entrepreneurs as they turn their ideas into viable businesses and develop the skills and capabilities needed to build sustainable enterprises and achieve long-term success,” he said.
SME Digital CEO Badhurudheen Hassan said the first phase had created greater opportunities for young Maldivians to start and expand businesses.
He said the organisation looked forward to expanding the opportunities available to young entrepreneurs in the next phase.
The programme also provides support beyond financing. SME Digital has partnered with the Business Center Corporation to offer beneficiaries mentorship, business training and assistance with formalising their businesses.
The next few weeks will focus on providing this support to entrepreneurs who received financing during the first phase.
The financing facility is being introduced in phases to allow beneficiaries to receive appropriate support before the next phase begins.
Applications for the second phase are scheduled to open on 1 November 2026.
Bank of Maldives and SME Digital said they remained committed to expanding access to finance, strengthening the country's entrepreneurial ecosystem and creating more economic opportunities for young Maldivians.