BML financing to fishermen reaches MVR 15mn across 119 recipients

A total of 119 fishermen have received MVR 15 million in financing through the financing arrangement between Bank of Maldives (BML) and the Ministry of Fisheries, Agriculture and Ocean Resources as of 20 October, according to figures reported by the Ministry.

The financing programme stems from an agreement signed between BML and the Ministry in April 2025 to improve access to financial services for fishermen registered in the National Fishermen’s Register. Financing began the following month.

Under the arrangement, eligible fishermen can access personal financing of up to MVR 300,000 without collateral or an equity contribution, with repayment schedules structured to take seasonal variations in fishing income into account.

Access was later expanded through BML’s Masveriyaa portal, launched in December 2025 to allow registered fishermen to apply for Islamic financing online. The portal covers financing for vessel construction and repairs, fishing equipment, housing, higher education and guesthouse businesses, among other purposes.

The digital platform allows applications to be submitted remotely without visiting a BML branch, an important feature for fishermen operating across the atolls.

BML has progressively expanded financial services targeted at the fishing sector. In addition to financing facilities, the Bank has operated its Masveriyaa Card and digital payment services for fishermen since 2019, allowing fishing vessels and crew to receive payments and manage expenses electronically.

The latest figures reflect continued uptake of the financing programme as the Government and BML seek to improve access to formal financial services for workers in one of the Maldives’ key economic sectors.