Bank of Maldives Plc (BML) is the largest local bank operating in this island nation. At present, they operate 38 branches across the nation, 63 self-service banking centers and 126 ATMs and finally, over 200 Cash Agents providing withdrawal services.
Today, the Bank has announced its plans their plan to expand its deposit and payments services through Cash Agents in 100 islands throughout this year. Cash Agents affiliated with the bank are based on inhabited islands whereas they facilitate cash withdrawals. This service was introduced in 2014 in order to make basic banking easily accessible in remote islands where a physical bank presence does not exist.
According to the bank, deposit services have been popular amongst customers since the launch of Cash Agents. Over the past year, MVR 180 million has been deposited through Cash Agents.
Customers can withdraw up to MVR 2000 per day via Cash Agents. The cash deposit limit is set at MVR 10,000 per day. This is without incurring any additional costs.
This service offered by the Bank effectively makes banking easy for remote communities as they can bank conveniently in their home islands without having to travel to the nearest branch of the Bank or an ATM Centre.