Bank of Maldives (BML) has introduced self-service banking in Kurendhoo, Lhaviyani Atoll.
The ATM centre will support individuals and businesses in depositing and transferring money on a round-the-clock basis, in addition to the general cash withdrawal service. BML stated it introduced self-service banking on the island as part of the ongoing investment programme to support local communities by expanding banking services across the country. The national bank stated Lhaviyani Atoll also has a branch and self-service banking in Naifaru and a self-service banking ATM centre in Hinnavaru.
Deputy Chief Executive Officer (CEO) of BML Aishath Noordeen said the centre will benefit the residents and businesses of the island and ensure convenient and widely accessible banking services without the need to travel.
Furthermore, BML has reached 100 cash agents providing deposit and payment service with the introduction of the service in Hoandedhoo, Gaafu Dhaalu Atoll. Cash agent banking involves using local retailers to provide cash withdrawal and deposit services to inhabited islands without a branch or ATM.
Cash agents were introduced in 2015 with just cash withdrawal services, and agents are able to facilitate withdrawals, deposits and payments for loans or credit cards without any additional charges. Customers will be able to withdraw USD 129 and deposit USD 647 daily through the cash agents.
Deputy CEO Aishath said cash agents are an integral part of BML's financial inclusion strategy to enable customers to easily access basic banking services across residential islands, without the need to travel to an island with a branch or self-service banking centre.