A Historic Expansion for BML: 90 ATMs Rolled Out Nationwide, 70 Offering USD Services

Bank of Maldives (BML) has launched 90 new ATMs across the country, including 70 dedicated US Dollar machines, in one of the largest single expansions of banking infrastructure in the Maldives. The network was officially inaugurated by President Dr Mohamed Muizzu at a special ceremony held this evening, attended by the bank’s Chairperson Ahmed Ali Habeeb, CEO and Managing Director Mohamed Shareef, and senior officials.

The rollout significantly enhances access to foreign currency services nationwide, with USD ATMs distributed across all atolls. Kaafu Atoll received the highest allocation with 10 machines, followed by Raa and Alif Dhaalu atolls with six each, while several other atolls received between one and five machines, extending coverage to both northern and southern regions.

The full distribution of USD ATMs is as follows: Haa Alifu Atoll 5, Haa Dhaalu Atoll 5, Shaviyani Atoll 4, Noonu Atoll 4, Raa Atoll 6, Baa Atoll 5, Lhaviyani Atoll 3, Kaafu Atoll 10, Alif Alif Atoll 3, Alif Dhaalu Atoll 6, Vaavu Atoll 3, Faafu Atoll 1, Meemu Atoll 3, Dhaalu Atoll 1, Thaa Atoll 4, Laamu Atoll 3, Gaafu Alifu Atoll 3, Gaafu Dhaalu Atoll 3, Gnaviyani Atoll 1, and Seenu Atoll 5.

In addition to the foreign currency rollout, BML introduced 20 Maldivian Rufiyaa ATMs in islands where the bank already operates branches, aimed at improving cash accessibility and reducing service pressure in high-demand locations.

With this expansion, BML’s total ATM network has grown to 338 machines nationwide. The development builds on the bank’s 2025 initiative to establish ATM services across every inhabited island in the Maldives, a project that was widely welcomed for improving financial access in remote communities.

Speaking at the ceremony, CEO Mohamed Shareef described the rollout as a record-setting deployment, noting that it marks the first time such a large number of Cash Recycling ATMs, which allow both deposits and withdrawals, have been launched simultaneously. He added that the bank’s research found no evidence of a similar scale synchronized deployment globally.

Usage data from 2025 reflects the increasing reliance on ATM services, with MVR 17.1 billion deposited through the network and 8.4 million transactions processed over the year. The latest expansion is expected to further drive transaction volumes, particularly with improved access to US Dollar withdrawals.

The expansion comes amid sustained demand for foreign currency across the Maldives, driven by tourism-linked economic activity and everyday consumer needs. By extending USD ATM availability beyond Malé and major urban centres, BML’s expanded network is expected to ease pressure on branch services and improve access for businesses and individuals across the atolls.

The deployment of cash recycling technology also signals a continued shift towards more efficient, self-service banking infrastructure, supporting greater convenience and operational efficiency in a geographically dispersed island economy.