Youth Entrepreneurship Financing Benefits Over 3,000 Young Entrepreneurs

More than 3,000 young entrepreneurs across the Maldives have received over MVR 300 million in financing under the first phase of the Youth Entrepreneurship Financing initiative launched by Bank of Maldives in collaboration with SME Digital.

The financing facility was introduced to improve access to funding for Maldivian youth seeking to establish or expand micro and small businesses.

Available to individuals aged between 18 and 30, the facility provides collateral-free financing of up to MVR 150,000, with no equity contribution required.

Commenting on the completion of the first phase, Bank of Maldives CEO and Managing Director Mohamed Shareef said the strong response demonstrated the interest among young people in pursuing entrepreneurship.

“It is encouraging to see such a strong response from young people to this initiative. We are proud to support aspiring entrepreneurs as they turn their ideas into viable businesses and develop the skills and capabilities needed to build sustainable enterprises and achieve long-term success,” he said.

SME Digital CEO Badhurudheen Hassan said the response to the first phase reflected the ambition and entrepreneurial drive of young entrepreneurs.

He said more than MVR 300 million had been provided to over 3,000 youth entrepreneurs, creating greater opportunities for them to start and grow businesses.

“Building on the success of this first phase, we look forward to expanding these opportunities and supporting more young entrepreneurs in the next phase,” he said.

In addition to providing access to financing, the initiative also aims to support beneficiaries in establishing and sustainably growing their businesses.

As part of this effort, SME Digital has partnered with Business Center Corporation to provide mentorship, business training and assistance with business formalisation to beneficiaries of the financing facility. The coming weeks will focus on delivering this support.

The Youth Entrepreneurship Financing facility is being rolled out in phases to ensure entrepreneurs in each phase receive the required support before the next phase begins.

Applications for Phase 2 are scheduled to open on 1 November 2026, providing further opportunities for young Maldivians to access financing and pursue entrepreneurship.

Bank of Maldives and SME Digital said they remain committed to expanding access to finance, strengthening the entrepreneurial ecosystem and creating greater economic opportunities for the next generation of Maldivian entrepreneurs.