Bank of Maldives Partners with Fisheries Ministry to Support Fishermen

The Bank of Maldives (BML) has launched a new financing initiative aimed at supporting fishermen listed on the national registry. In collaboration with the Ministry of Fisheries and Ocean Resources, BML signed a Memorandum of Understanding (MoU) today, allowing access to a range of credit facilities.

The MoU, signed by Minister of Fisheries Ahmed Shiyam and BML CEO Mohamed Shareef, will enable fishermen to access personal financing, credit cards, and home loans based on their income. Under the new scheme, eligible fishermen can apply for up to MVR 300,000 in personal financing without requiring collateral or equity. Repayment terms will be adjusted to account for the seasonal income variations common in the fishing industry.

“We aim to enhance fishermen's access to credit, offering financial solutions that align with their unique earning patterns and seasonal challenges,” said Mohamed Shareef, CEO of BML.
Minister Shiyam noted that nearly 95% of fishermen are already on the national registry, emphasizing that the initiative is one long anticipated by the industry. He encouraged any fishermen who have not yet registered to do so soon, highlighting that this process is crucial for accessing services like these. Shiyam also stressed that ensuring fishermen are recognized by the State remains a high priority for President Dr. Mohamed Muizzu, as it simplifies the delivery of such vital services.

Once registered, fishermen will be eligible to apply for personal loans, home build financing, home purchase financing, and home construction financing.