President Ibrahim Mohamed Solih has inaugurated Masdhoani Account, which is a pledge of the administration as a means of including fishermen in the banking system. The president inaugurated the project at a function held in Kooddoo in Gaafu Alifu Atoll.
Masdhoani Account is a project initiated with the collaboration from Ministry of Fisheries, Agriculture and Marine Resources and Bank of Maldives (BML). The service includes the opportunity for fishermen and boat owners a Digital Wallet and a Masveriya Card which allows safe and secure financial transactions without using physical paper-based money.
Moreover, upon selling the fish, the service would enable real-time money transfer to the accounts of the head fishermen or boat owners and would enable real-time money transfer to the accounts of other fishermen from the main account of the head fisherman or boat owner.
The introduction of the vital financial service which enables daily depository of the income received from the fishing industry, allowing fishermen to deposit income received from fishing to their account, would further enhance the banking system by with the prospect of improving existing services. In addition, if income is being deposited monthly to the accounts of fishermen, further opportunities to partake in the pension scheme will also be made available.
Speaking at the launching ceremony, BML's Deputy CEO and Director of Operations Mohamed Shareef said the national bank has continued to leverage digital technology to make services more accessible and more convenient for customers, adding continued investment in technology is especially important in a country like Maldives and the introduction of the Masveriya Card provides a means for fishermen to bank anywhere, anytime. Shareef revealed income received through the Masveriya Card will allow fishing captains and crews across Maldives to easily apply for the bank's loan products.
Moreover, the bank will not deduct the money deposited to the Masveriya Card even if the fishermen had a previous loan. In addition, fishermen will not be charged any additional fees for any transaction made from the Masveriya Card.