New Credit Access Nets Early Success for Fishermen

Over 25 fishermen have received financing from Bank of Maldives (BML) by the end of July, according to the Ministry of Fisheries and Ocean Resources.

This follows a Memorandum of Understanding signed between BML and the Ministry on 28 April, aimed at giving fishermen easier access to financial services.
Fishermen who are listed in the National Fishermen’s Register can now apply for personal financing, credit cards, and home loans, with approval based on their income.

Applications opened on 1 May, and 25 loans have already been issued through the scheme.
Under the new arrangement, eligible fishermen can access personal financing of up to USD 19,455 without needing to provide collateral or equity. For the first time in the Maldives, repayment plans are designed to match the seasonal nature of fishing income.

Registered fishermen can also apply for home build, purchase, or construction financing.
The national register was created as part of wider efforts by the current government to support the fishing community. It aims to improve financial inclusion and strengthen the livelihoods of fishermen across the country.