Bank of Maldives (BML) has announced that it would be introducing value ceilings for cheques starting from 1st April 2023. The decision came in line with the Maldives Monetary Authority (MMA)’s strategy to promote electric payments and improve the efficiency of payments in the Maldives.
As per this decision, starting from the first of April of next year, the bank would only be processing cheques up to MVR 50,000 and USD 3000 respectively. Amounts above the aforementioned values would be transacted via a digital channel. The change is effective for all customers including individuals, businesses and corporates.
BML encourages customers to utilize the bank’s digital channels for bank transactions every day. The bank also has urged customers who are not already registered to the BML’s Internet Banking to register for the convenient digital service online. Internet and Mobile Banking networks are designed securely, and user-friendly providing an easy route for customers to gain access to banking 24/7, wherever and whenever in the world.