Mohamed Shareef, the CEO of Bank of Maldives (BML), has disclosed that 65 percent of all US Dollar transactions conducted through the bank’s cards are spent on e-commerce websites. Over the past five years, the volume of dollar transactions has seen a fourfold increase, with the bank currently facilitating an average of $39.3 million per month for transactions originating from Maldivian Rufiyaa accounts.
Highlighting that $25.5 million of this monthly expenditure is dedicated to online shopping, the CEO noted that this represents a significantly high proportion compared to regional standards. While the bank generates profit from card services, Mr. Shareef emphasized that maintaining this level of dollar outflow is unsustainable. He further clarified that the continuation of such services depends on an increase in the bank’s overall US Dollar revenue.
