Bank of Maldives (BML) has signed a Memorandum of Understanding (MoU) with the Ministry of Fisheries and Ocean Resources to enhance financial access for fishermen across the Maldives. The agreement was signed today by the Minister of Fisheries and Ocean Resources, Ahmed Shiyam, and BML’s CEO and Managing Director, Mohamed Shareef.
Under the new partnership, fishermen registered on the National Fishermen’s Register will be eligible for a range of credit facilities, including personal financing, credit cards, and home loans tailored to their income patterns. Notably, eligible fishermen can now access personal financing up to MVR 300,000 without the need for collateral or equity requirements — a significant step in improving financial inclusivity.
For the first time, repayment schedules will be adapted to accommodate the seasonal fluctuations in fishing income, offering fishermen greater flexibility in managing their financial obligations.
Applications for Personal Financing and Lui Loans can be submitted through BML’s Internet or Mobile Banking App, ensuring convenient access to financial services from anywhere in the Maldives.
Speaking at the signing, BML’s CEO and Managing Director Mohamed Shareef stated, “Through this collaboration, our goal is to enhance fishermen’s access to credit facilities. This will allow us to provide financial solutions that recognize the unique earning patterns and seasonal challenges faced by our fishermen to support their livelihoods in a sustainable manner.”
Beyond personal financing, registered fishermen will also have access to Home Build Financing, Home Purchase Financing, and Home Construction Financing, further supporting their financial stability and development.
The initiative marks a significant advancement in empowering Maldivian fishermen by providing them with tailored financial services and supporting the growth of the fisheries sector, a key pillar of the nation’s economy.