Bank of Maldives (BML) has unveiled the country’s first-ever BML Student Debit Card, marking a new milestone in youth banking and financial literacy. The official launch ceremony took place today at Hotel Jen in Malé.
The BML Student Debit Card is designed for children aged 7 and above, providing them with a secure and practical tool to develop financial management skills early on. The initiative aims to promote financial independence and literacy among young Maldivians by allowing them to learn money-handling under the supervision of their parents.
Issued as a Visa Debit Card, the Student Card comes with zero fees and is valid for both local and international transactions. In a first-of-its-kind feature for children in the Maldives, the card also offers an annual 0.5% rebate on total spending. The rebate will be credited to the child’s savings account at the end of each year—encouraging a habit of saving while spending.
“We are proud to introduce another industry-first innovation from Bank of Maldives,” said Mohamed Shareef, CEO and Managing Director of BML. “The BML Student Card is designed to equip students with the tools to manage their finances responsibly long before they reach adulthood. By fostering financial literacy from an early age, we aim to cultivate a generation that is confident and knowledgeable about financial services.”
The card is available in two unique designs tailored for different age groups—one for children aged 7 to 12 and another for teens aged 13 to 17. Parents can easily apply for the card via the BML Mobile Banking App, which also enables them to control card functions such as freezing or unfreezing cards, blocking them, or changing PINs. For added security, One-Time Password (OTP) verifications for online and high-value transactions will be sent to the parent’s registered mobile number.
As the Maldives’ leading financial institution, BML continues to innovate with accessible and inclusive banking solutions. The Student Card launch is part of the bank’s broader commitment to supporting the country’s economic growth and empowering future generations through practical financial education.