MIB Introduces Cash Deposit Services at ATMs by using Mobile OTP
Maldives Islamic Bank Plc (MIB) is the first fully Islamic shariah compliant bank incorporated in Maldives. They commenced operations on 7th March 2011 and presently operates 6 branches in 5 atolls across the country.
On 2nd September 2020, MIB announced that customers could deposit cash at to MIB accounts at their ATMs without using a cash card. At that time, the service was limited to the ATM lobby situated at the Bank’s head office. Yesterday, they were pleased to announce that the service can now be obtained at the Bank’s ATM lobby located at Maldives National University Building at Ameenee Magu and ATM lobby located Faamudheyrige Building at Orchid Magu.
The Bank will allow deposit of cash up to MVR 200,000 to personal banking accounts and up to MVR 500,000 to business banking accounts per day. Customers are guided to enter their phone numbers details to where an OTP will be sent to the entered number which can be used to complete the transaction. This allows third parties who does not hold accounts in MIB to easily deposit cash to MIB accounts.
This service introduced by Maldives Islamic Bank Plc is the first of its kind in Maldives. The Bank has further stated that work was underway to implement the service in all 9 ATMs operated by the Bank in Male’.