BML Partners with Ministry of Fisheries to Provide Easy Access to Finance for Fishermen

Business

The Bank of Maldives (BML) has entered into a Memorandum of Understanding (MoU) with the Ministry of Fisheries and Ocean Resources to provide easy access to finance for fishermen across the country. The agreement was formally signed by Minister of Fisheries and Ocean Resources, Ahmed Shiyam, and BML’s CEO & Managing Director, Mohamed Shareef.

The new collaboration aims to support fishermen who are registered on the National Fishermen’s Register, enabling them to access a variety of credit facilities, including personal financing, credit cards, and home loans, based on their income. Under the arrangement, eligible fishermen can access personal financing of up to MVR 300,000 without the need for collateral or equity requirements.

For the first time, the repayment schedules for these loans will be designed to accommodate the seasonal variations in the fishing income, helping to better align repayment with the earnings patterns of fishermen. This ensures that the financial needs of the fishing community are met in a way that considers the cyclical nature of their livelihoods.

Fishermen can now submit applications for Personal Financing and Lui Loans through BML’s Internet or Mobile Banking App, making the process more accessible to individuals across the Maldives, regardless of their location.

Speaking on the partnership, Mohamed Shareef, CEO & Managing Director of BML, 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, supporting their livelihoods in a sustainable manner.”

In addition to Personal Financing, registered fishermen will also have the opportunity to apply for Home Build Financing, Home Purchase Financing, and Home Construction Financing, empowering them to invest in their homes and long-term security.

This initiative marks a significant step in the Bank’s ongoing commitment to supporting key sectors of the Maldives' economy and ensuring financial solutions are more inclusive and accessible to communities in need.