Bank of Maldives (BML) has introduced significant enhancements to its ‘Advance Merchant Settlement’ financing, specifically designed for businesses using the bank’s card machines. Under these new changes, businesses can now access financing of up to MVR 2 million, based on their card transaction volumes. Applications for this service can be conveniently submitted through BML Internet Banking or the Mobile App, with funds being disbursed within a period of 5 days.
To be eligible for this financing, businesses must have utilized BML Merchant Services for at least 6 months and maintain an average monthly card transaction volume of MVR 20,000. To simplify the repayment process, the bank has implemented an automatic deduction system where repayments are seamlessly collected from daily card sales. BML’s objective with these improvements is to provide swift financial assistance to businesses, thereby facilitating further growth and expansion.
