BML Launches Debit Cards for Kids to Teach Financial Independence

Bank of Maldives (BML) has launched a special range of debit cards designed specifically for children, in a move to help young Maldivians become familiar with modern banking. The launch event took place at Hotel Jen, with BML Chairperson Ahmed Ali Habeeb and several children marking the occasion.

The new student debit cards are available in two designs for different age groups: one for children aged 7 to 12, and another for those aged 13 to 17. According to BML, the cards carry no fees and can be used for payments both in the Maldives and abroad.
A key feature of the card is its focus on teaching responsible saving. BML will deposit 0.5% of all annual spending made with the card back into the child’s savings account. In addition, the bank offers an annual rebate for cardholders, making it more rewarding for young users.

Parents will have full control of the card through the BML mobile app. They can view transactions, freeze or unfreeze the card, block it, and change the PIN. For added security, a one-time password (OTP) will be sent to the parent’s registered number for online or large transactions.
CEO Mohamed Shareef emphasized that the card is more than just a tool for making payments. He described it as a way to introduce children to changes in the banking system, helping them learn financial responsibility and prepare for future needs such as higher education and home ownership.
He highlighted how banking in the Maldives has shifted from a cash-heavy system in the 1990s to today’s digital-first approach, crediting BML for leading this transformation. Shareef also shared his vision for the country to match the world’s most advanced payment systems within the next five years.

The CEO pointed out that with technologies like facial recognition and voice-based payments becoming common globally, these student cards could adopt similar features before the children even finish school.
BML’s latest initiative reflects its ongoing commitment to shaping the future of banking in the Maldives.