SME Digital Marks Seven Years with Financing Support to Over 4,000 Businesses

SME Development Finance Corporation, now operating under the brand SME Digital, has marked its seventh anniversary with the announcement that it has provided financial assistance to more than 4,000 small and medium-sized enterprises across the Maldives, underscoring its growing role in expanding access to finance for small businesses nationwide.

Established in 2019 to support and strengthen the SME sector, the institution has extended financing across 189 islands in all atolls over the past seven years. This reach positions SME Digital as one of the most extensive financing providers for small businesses in the country.

The company has expanded its financing capacity over time, increasing the maximum facility from MVR 5 million to MVR 10 million for small businesses. The revised offerings include targeted financial products for startups, women entrepreneurs, the tourism industry, and participants in the digital economy.

In addition to conventional sectors, SME Digital has introduced financing support for emerging segments such as content creators, photographers and home-based workers, enabling them to acquire necessary technology and tools. The institution also provides financing of up to MVR 10 million for the development and expansion of guesthouses, reflecting continued support for tourism-linked enterprises.

Its financing portfolio spans multiple industries including fisheries, agriculture, tourism and digital services, with a focus on enabling small enterprises and women-led businesses to scale operations. The institution has also aligned its operations with Shari’ah principles as part of a broader transition towards becoming a fully Islamic financing provider.

The process of converting existing loan facilities into Islamic finance structures commenced in October, following several months of aligning services with Shari’ah-compliant frameworks.

Chief Executive Officer Badruddeen Hassan said the institution has worked closely with SMEs over the past seven years, positioning itself as a development partner for small businesses.

He stated that SME Digital’s financing has supported the creation of new ventures across sectors, facilitated youth participation in business and contributed to income generation. He also noted that targeted financial assistance for women has enhanced financial independence and supported household livelihoods.

Looking ahead, the company has identified its full transition into an Islamic financing institution as a key strategic priority. In parallel, SME Digital continues to collaborate with government ministries on initiatives aimed at developing the fisheries and agriculture sectors.

The institution’s expanding role aligns with the government’s broader economic diversification agenda, where improving access to finance for SMEs is seen as critical to strengthening domestic economic activity and reducing reliance on traditional sectors.