MMA Eyes Over 80% Maldivian Representation in Bank Management Within Five Years

The Maldives Monetary Authority (MMA) aims to increase Maldivian representation in management positions across the banking sector to more than 80 percent within the next five years, Governor Ahmed Munawar has said.

Speaking at the grand opening of Maldives Premier Bank last night, Munawar said around 40 percent of management positions in the banking sector are currently held by foreign nationals. The MMA’s vision is to reduce that proportion to 20 percent or less within five years by creating greater opportunities for Maldivians, particularly young people, to build careers and advance into leadership roles in the financial sector.

Achieving this objective will require deliberate investment in professional and technical capacity, he said.

As part of these efforts, the MMA recently entered into an agreement with the Asian Institute of Chartered Bankers (AICB) to strengthen professional development in the country’s financial sector.

Munawar also announced plans to establish a Human Capacity Development Fund in 2027, with contributions from the MMA and the banking sector. The fund is intended to support the development of the skills and expertise required by the financial system in the years ahead.

Highlighting the rapid pace of global change, Munawar said banking could no longer be viewed solely in terms of branches, deposits and traditional lending.

Artificial intelligence, digital banking and emerging payment technologies are transforming how financial institutions operate and reshaping customer expectations, he said, stressing the need to develop Maldivians with strong technical, digital and financial capabilities to lead this transformation.

Munawar also identified digital transformation as a central component of the country’s financial-sector development, in line with the government’s Maldives 2.0 initiative.

For a geographically dispersed country such as the Maldives, digital financial services can help overcome the barriers of distance and expand access to quality financial services across the country, he said.

At the same time, Munawar called for stronger international financial connectivity, including faster, more efficient and more accessible cross-border payment solutions that connect Maldivian individuals and businesses with the global economy.

He welcomed Maldives Premier Bank’s decision to place digital services at the centre of its offering, while cautioning that technological innovation must be accompanied by strong safeguards.

“As banking becomes increasingly digital and interconnected, cybersecurity, operational resilience, consumer protection and the safety of customer funds must remain fundamental priorities,” Munawar said, adding that trust remains at the heart of banking.

Addressing Maldives Premier Bank employees, Munawar said they had an important role to play in the broader transformation of the financial sector.

While technology, capital and products are important, an institution is ultimately defined by its people, he said. The standards employees uphold, the decisions they make and the way they serve customers will shape the bank’s reputation for years to come.

Munawar expressed hope that Maldives Premier Bank would continue to innovate, broaden its services, develop Maldivian talent and contribute to building a larger, stronger, more competitive and internationally connected Maldivian financial sector.

He also recognised Mohamed Ali Janah for his contribution and vision in establishing Maldives Premier Bank and congratulated the bank’s chairperson, chief executive officer and managing director, board, management and staff on reaching the milestone.

Munawar said he looked forward to seeing Maldives Premier Bank contribute not only to greater competition and innovation, but also to the growth of the financial sector, the development of Maldivian talent and the wider economy.