Bank of Maldives

What Bank of Maldives does

Bank of Maldives (BML) is the largest and incumbent financial institution in the Republic of Maldives, founded in 1984 and publicly listed on the Maldives Stock Exchange under ticker BML. The bank operates as a full-service commercial bank serving over 365,000 retail, business, corporate, and Islamic banking customers through four primary segments: Retail/Personal Banking, Business and SME Banking, Corporate Banking, and BML Islamic (Shari'ah-compliant banking). Its core product portfolio spans deposit accounts (Current, Savings, Fixed Deposit, Kids' Saver, Expatriate Accounts in MVR, USD, INR, CNY, and EUR currencies), card products (Visa, Mastercard, and exclusive American Express issuer/acquirer status covering credit and debit tiers from Standard to Infinite/Platinum), personal and business lending (Lui Loan, Lifestyle Loan, Home Purchase/Construction/Equity Loans, Kiyavaa Education Loan, Green Loan, Disaster Relief Loan, Guest House Loan, Working Capital Finance), and merchant services (POS terminals, payment gateway, merchant portal).

The bank's technology infrastructure combines an extensive physical distribution network — the largest in the Maldives covering branches, ATMs, self-service banking terminals, and cash agents across 165+ islands — with digital channels including the BML Internet Banking platform, BML Mobile Banking App, and specialized portals (Merchant Portal, Masveriyaa Portal for fishermen, BML Rewards loyalty platform via Giift Loyalty). The bank is currently undergoing a core banking platform transformation in partnership with Finastra, deploying the Fusion Essence cloud-native solution to modernize its technology foundation.

Bank of Maldives generates revenue through interest income on loans and financing products (home loans, personal loans, business financing, credit cards), fee and commission income (transaction fees, account maintenance, card fees, ATM fees), foreign exchange spreads, and corporate services (payroll processing, merchant services, trade finance). The bank holds a leading market share in Retail, Corporate, and SME segments, lends more to businesses than all other Maldives banks combined, and maintains a capital position well above regulatory requirements.

Name

Bank of Maldives

Legal name

Bank of Maldives Plc Ltd

Website

https://bankofmaldives.com.mv

Company type

Public

Founded year

1984

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Bank of Maldives is the largest and incumbent full-service commercial bank in the Maldives, serving over 365,000 retail, business, corporate, and Islamic banking customers through the country's largest branch, ATM, and cash agent network across 165+ islands.

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Commercial Banking (52211)

SIC

National Commercial Banks (6021)

akta.pro primary industry

SME Deposits & Business Accounts (Operating, Savings, CDs) (FSABABAC)

akta.pro secondary industries

Islamic SME & Commercial Banking (FSABAGAB), Islamic Deposit & Account Products (Current/Savings/Investment Accounts) (FSABAGAI), Islamic Corporate Banking (FSABAGAC)

Keywords

• Retail banking services
• Corporate banking solutions
• Islamic banking products
• Payment card services
• Digital banking platform

Headquarters

HQ city

Male

HQ country

Maldives

HQ region

Asia

Offices9 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Supply Chain

Revenue model

1. Interest Income: Interest earned on loans and financing products including home loans, personal loans, business financing, and credit cards
2. Fee and Commission Income: Transaction fees, account maintenance fees, credit card fees (joining, annual, supplementary), ATM fees, and foreign transaction fees
3. Foreign Exchange Revenue: Revenue from currency exchange services and spreads on foreign exchange transactions
4. Corporate Services: Business banking services including payroll processing, merchant services, trade finance, and corporate card programs

Pricing tiers

Go-to-market motion3 records

Distribution channels9 records

Marketing channels7 records

Core offering

Bank of Maldives is a full-service commercial bank providing deposit accounts, credit and debit cards, personal and business loans, Islamic banking, corporate banking, merchant services, and digital banking (Internet and Mobile). The bank serves individuals, SMEs, large corporates, and Islamic banking customers across the Maldives through Maldives's largest branch, ATM, agent, and POS network spanning 165+ islands, with exclusive American Express issuance/acquiring and principal Visa/Mastercard membership.

Product overview

Bank of Maldives operates as a full-service banking institution offering the complete spectrum of personal, business, corporate, and Islamic financial services through a multi-channel distribution model comprising branches, ATMs, Internet Banking, Mobile Banking App, and Self-Service Banking terminals. The product portfolio spans deposit accounts (Current, Savings, Fixed Deposit, Kids' Saver, Expatriate Accounts in MVR, USD, INR, CNY, EUR currencies), card products (Visa Infinite, Visa, Mastercard, American Express credit and debit cards including premium tiers like World and Platinum), personal lending (Lui Loan, Lifestyle Loan, Home Purchase/Construction/Equity Loans, Kiyavaa Education Loan, Green Loan, Disaster Relief Loan), business and SME financing (BML Business Financing, Commercial Property, Guest House, Working Capital), Islamic banking (BML Islamic with Wadi'ah accounts, General Investment Accounts, Islamic cards and financing), merchant services (POS terminals, Payment Gateway, Merchant Portal), and digital platforms (BML Internet Banking, Mobile Banking App, Merchant Portal, Masveriyaa Portal for fishermen, BML Rewards with Giift Loyalty). The BML Islamic division provides Shari'ah-compliant alternatives to conventional products. Key digital add-ons include BML SplitPay installment payments, BML Student Card with parental controls, Digital PIN management, and BML Rewards loyalty program.

Differentiator

Problem solved

Functional benefit

Brands

• BML Islamic: Shari'ah compliant banking products and services including Islamic savings accounts, financing products, and Islamic debit/credit cards
• BML Community Fund
• BML Startup Grant
• BML Academy
• Masveriyaa Portal
• BML Rewards
• Kindly by BML

Products and services

• Savings Account Personal savings account with 1.5% p.a. interest on MVR and 1.00%-1.25% p.a. on USD, minimum balance MVR 200/USD 50, debit card access, and cheque book availability for everyday savers.
• Kids' Saver Account Savings account for children below 18 years with 3.0% p.a. interest on MVR and 3.5% p.a. on USD accounts, operated by parents/guardians with internet banking access for tracking.
• Current Account Everyday transaction account for individuals with higher day-to-day banking needs, supporting INR, CNY, EUR accounts in addition to MVR and USD, with debit card access and online account opening.
• Fixed Deposit Account Term deposit account with fixed interest rates: MVR deposits earn 1.60%-2.00% p.a. (6-12 month terms), USD deposits earn 2.70%-3.50% p.a., with amounts from MVR 10,000 or USD 5,000.
• Expatriate Account Current account tailored for expatriates in MVR, USD, INR, CNY, and EUR currencies with American Express Debit card access, designed for those with work permits or valid visas.
• Visa Infinite Credit Card Premium USD-denominated credit card with metallic design, credit limit above USD 45,000, featuring Priority Pass airport lounge access, 24/7 concierge services, comprehensive travel insurance, and exclusive lifestyle privileges. First metal card issued in the Maldives.
• Visa Platinum Debit Card USD debit card with enhanced foreign spending limit up to USD 5,000 per day, featuring Visa Quick Read contactless technology and accessibility design for visually impaired users.
• American Express Credit Cards (Platinum, Gold, Green) Exclusive American Express credit cards in the Maldives with tiered benefits: Platinum (Priority Pass, travel insurance, MVR 115,650+ limit), Gold (MVR 46,260-115,635 limit), and Green (up to MVR 46,245 limit) tiers.
• Mastercard Credit Cards (World, Platinum, Gold, Standard) Tiered Mastercard credit card portfolio: World (MVR 385,500+ limit with LoungeKey), Platinum (MVR 115,650-385,485), Gold, and Standard tiers with global acceptance.
• Visa Credit Cards (Signature, Platinum, Gold, Classic) USD-denominated Visa credit card range: Signature, Platinum (USD 7,500-44,999), Gold (USD 3,000-7,499), and Classic (up to USD 2,999) tiers with varying fees and limits.
• BML Student Card Zero-fee debit card for students with 0.5% rebate on annual card spending at BML POS terminals, USD 100 monthly overseas limit (USD 1,200 for students abroad), parental controls via Mobile Banking, and automatic upgrade to Current Account at age 18.
• Lui Loan Unsecured personal loan up to MVR 1.2 million at 15% p.a., repayable over 5 years, with instant approval for salary customers and no collateral requirement. Maximum exposure is 8-12x monthly income.
• Lifestyle Loan Financing for property owners receiving rental income: unsecured up to MVR 300,000 at 15%, or secured up to MVR 1.5 million at 12%, for furnishing, renovation, and other purposes without additional equity contribution.
• Home Purchase Loan Mortgage financing for purchasing homes, part of the personal lending portfolio alongside Home Construction and Home Equity Loan products.
• Home Construction Loan Loan product for building or renovating homes, complementing the Home Purchase Loan in the property financing portfolio.
• Home Equity Loan Secured lending product starting from MVR 50,000 with no additional collateral required, leveraging existing property equity.
• Kiyavaa Loan Education financing product for students covering tuition and living expenses for studies anywhere in the world.
• Green Loan Sustainability-focused loan for financing green technology and sustainable solutions, available for both personal and business customers to promote environmental responsibility.
• Disaster Relief Loan Emergency lending product designed to support affected individuals in the event of natural disasters, helping cover damages and recovery costs.
• Corporate Banking Services Comprehensive commercial banking for large businesses and institutions including payment gateway services, POS terminals, local and international payments, Visa Corporate Card, and Mastercard Business Debit.
• BML Business Financing SME and business lending portfolio including Business Development Loan, Commercial Property Financing, Advance Merchant Settlement, Guest House Loan, and general business financing.
• Merchant Services Payment acceptance solutions for businesses including POS terminals, payment gateway, merchant portal for transaction management, and mPOS for mobile card acceptance.
• Payroll Service Business banking service for salary disbursement, enabling employers to process bulk payroll payments to employee BML accounts.
• Foreign Currency Services USD support for medical and education purposes based on MMA-allocated foreign currency, INR account opening, and foreign transaction limit management for customers overseas and students.
• BML Islamic Banking Shari'ah-compliant banking division offering Wadi'ah accounts, General Investment Accounts, Islamic debit and credit cards, and financing products including Personal Financing, Working Capital Finance, Commercial Property Financing, Lifestyle Financing, Education Financing, and Green Financing.
• BML Internet Banking Online banking platform enabling customers to manage accounts, transfer funds, pay bills, apply for products, and access banking services via web browser.
• BML Mobile Banking App Smartphone application providing 24/7 mobile access to account management, transactions, card controls, and banking services on iOS and Android devices.
• Merchant Portal Online platform for merchants to manage transactions, view sales data, access reporting, and handle payment settlement from BML POS terminals.
• Masveriyaa Portal Digital platform designed to provide fishermen with convenient and tailored access to financing services, part of BML's specialized lending for the fishing industry.
• BML Self-Service Banking Network of ATMs, cash deposit machines, cheque deposit machines, and self-service terminals enabling 24/7 customer-initiated banking transactions.

Quantifiable outcome

• Deposit base MVR 32.03 billion with assets of MVR 48.4 billion
• +3 more outcomes

Named customers5 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration9 records

Feature5 records

Partnerships

Ten partnerships are on record, tiered core and minor.

• FinastracoreTechnology or Integration · 21 July 2025Bank of Maldives announced partnership with Finastra to transform its core banking platform. This modernization initiative will enhance the bank's technological capabilities and enable improved customer services through Finastra's Fusion Essence cloud-native banking solution.
• Giift LoyaltycoreTechnology or IntegrationBML Rewards program launched in partnership with Giift Loyalty - the first rewards program of its kind in the Maldives. Allows credit card customers to earn and redeem points for flights on 945+ airlines, 650,000+ hotels, 60,000+ car rental locations globally, and gift vouchers.
• American ExpresscoreStrategic or Co-development PartnerExclusive acquirer and issuer of American Express cards in Maldives. Partnership provides exclusive access to Amex card products including Amex Green, Gold, and Platinum credit and debit cards.
• VisacoreStrategic or Co-development PartnerPrincipal member of Visa in the Maldives. Offers full range of Visa debit and credit cards including Visa Infinite, Visa Platinum, Visa Gold, and Visa Classic products.
• MastercardcoreStrategic or Co-development PartnerPrincipal member of Mastercard in the Maldives. Offers Mastercard credit and debit cards including World, Platinum, Gold, and Standard tiers.
• Priority PassminorStrategic or Co-development PartnerComplimentary Priority Pass membership provided to Visa Infinite and American Express Platinum cardholders for airport lounge access worldwide.
• Maldives Football AssociationminorGTM or Marketing PartnerExclusive Sponsorship for National Football teams as part of CSR and sports development initiatives.
• Swimming Association of MaldivesminorGTM or Marketing PartnerExclusive Nationwide Partner of Swimming Association of Maldives supporting aquatic sports development.
• Tennis Association of MaldivesminorGTM or Marketing PartnerPartnership with Tennis Association of Maldives for National Tennis Championship sponsorship.
• Maldives Monetary AuthoritycoreOthersCentral bank regulator providing foreign currency allocation for medical and education purposes; regulatory oversight of banking operations.

Scale indicators10 records

Recent moves6 records

Expansion highlights7 records

Broad incumbents

• HDFC Bank: India's largest private-sector bank with strong digital and credit card franchises. Comparable as a broad incumbent whose card portfolio, digital banking platform, and SME lending playbook benchmark BML's product roadmap.
• State Bank of India (Domestic): Parent/peer of the Maldives branch. Comparable as a massive state-linked incumbent with extensive public-sector banking, agriculture/SME lending, and a vast branch/agent network — analogous to BML's nationwide infrastructure play.

Direct peers

• Habib Bank Limited: Pakistan-based bank with Maldives presence focused on corporate and remittance banking. Comparable as a foreign bank competing for the same corporate and remittance-driven retail deposit pool.
• Commercial Bank of Maldives (CBDM): Local Maldivian commercial bank competitor. Direct head-to-head peer in the domestic retail and SME segments, though smaller scale than BML.
• Maldives Islamic Bank: The principal Shari'ah-compliant competitor in the Maldives. Directly competes with BML Islamic across retail, SME, and corporate Islamic finance; the most direct head-to-head peer in BML's fastest-growing segment.
• State Bank of India (Maldives Operations): Operates a branch in Male' as a foreign bank serving corporate and remittance customers. Comparable as a direct in-market competitor for corporate banking, trade finance, and NRI/foreigner deposits.

Regional players

• People's Bank (Sri Lanka): Another large Sri Lankan state commercial bank. Comparable as a dominant domestic full-service lender operating in a similarly sized tourism-anchored island economy.
• Bank of Ceylon: Sri Lankan state-owned commercial bank serving retail, SME, and corporate segments. Highly comparable as a full-service state-linked commercial bank in a similar South Asian island economy with tourism and fisheries exposure.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/bankofmaldives
• YouTubeyoutube.com/user/BankofMaldives
• Facebookfacebook.com/bankofmaldives
• Instagraminstagram.com/bankofmaldives

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Bank of Maldives