The Bank of Maldives (BML) on Tuesday reports expanding its cash deposit and payment services in atolls with 40 cash agents.
As such, BML confirm customers can make cash deposits up to MVR10,000 per day through the cash agents.
Moreover, make payments for loans and credit cards through the agents as well.
Earlier, BML made introduction of their cash agent service in 2014 in efforts to bring banking services to the islands.
The national bank of Maldives claims over 200 cash agents active in providing cash withdrawal services.
“With today’s announcement, 40 of these local retailers now provide cash deposits as well as payment services with no additional charges,” bank’s statement read.
Moreover, Bank’s CEO and Managing Director Tim Sawyer points to the successful model in their Financial Inclusion strategy.
“Cash agents work similar to ATMS in that they can be used for cash withdrawals, deposits and payments through a POS terminal using customer’s debit card,” Sawyer comments.
Furthermore, cash agents allow local communities to bank conveniently from their home islands.
BML continues to expand its commercial footprint in Maldives.
As such, it currently boasts 38 branches across all 20 atolls, 58 self service banking centers and 121 ATMs.
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