Bank of Maldives (BML) expands their cash agent network in the Maldives bringing the number of cash agents to a total of 100.
Moreover, the cash agents act on behalf of BML to provide deposit and payment services for customers while the latest cash agent introduction was in Gaaf Dhaal atoll Hoandedhoo.
BML describes cash agent banking which uses “local retailers to provide cash withdrawal and deposit services to inhabited islands without a branch or ATM.”
The banking concept was first introduced in 2015 with only cash withdrawal services available via cash agents. Today however, cash agent services have increased to deposits and payments for loans or credit cards as well.
Customers are able to withdraw a total of MVR2,000 and deposit MVR10,000 daily through cash agents.
Meanwhile, the bank’s deputy CEO Ms. Aishath Noordeen speaking about the new cash agent introduction said, “today represents an important milestone as we celebrate the introduction of Agent Banking services through our 100th Cash Agent.”
She further added, “this is an integral part of our financial inclusion strategy to enable customers to easily access basic banking services across residential islands without the need to travelto an island with a branch or self service banking center.”