BML Launches “Masveriyaa” Portal to Expand Digital Financing Access for Fishermen

Business

Bank of Maldives (BML) has today announced the launch of the Masveriyaa portal, a dedicated digital platform designed to provide Maldivian fishermen with convenient and tailored access to financing services. The portal was officially inaugurated by Minister of Transport and Civil Aviation Mohamed Ameen at a special ceremony held in R. Dhuvaafaru to commemorate Fishermen’s Day.

The Masveriyaa portal offers a comprehensive range of Islamic personal financing products aimed at supporting the livelihoods and long term aspirations of the fishing community. Eligible fishermen registered with the National Fishermen’s Registry can apply seamlessly through the user friendly platform for financing related to home purchase, home construction, higher education, vessel building and repair, guesthouse development, and Lui financing for other purposes, including the purchase of fishing gear or equipment.

Speaking at the launch, Bank of Maldives CEO and Managing Director Mohamed Shareef said the initiative reflects the Bank’s commitment to improving financial access for fishermen. He noted that earlier this year, BML partnered with the Ministry of Fisheries and Ocean Resources to facilitate easier access to finance for the fishing community, adding that the Masveriyaa portal represents a key milestone in that collaboration.

The launch of the portal further strengthens BML’s existing support for fishermen. Since December 2024, the Bank has committed to processing fishermen’s payments within 48 hours. In addition, BML has introduced a dedicated financing facility of up to MVR 300,000 for fishermen without any requirement for collateral or equity. The facility also features repayment schedules designed around seasonal income patterns, ensuring alignment with fishermen’s cash flow.

Bank of Maldives has also announced plans to introduce card services through the Masveriyaa portal in the near future, further expanding digital banking access for the fishing community.