MVR 14.5 Million in Loans Disbursed to 113 Fishers in National Registry

A total of MVR 14.5 million in loans has been disbursed by the end of August to fishers registered in the national registry, according to the Ministry of Fisheries, Agriculture, and Ocean Resources.

Statistics publicized by the ministry indicate that under this dedicated scheme for registered fishers, 113 applications were approved and disbursed with loans amounting to MVR 14.5 million by the end of this past August.

Commercial fishing was formally designated as recognized employment to facilitate bank loan access on April 28 last year. Subsequently, the Bank of Maldives (BML) commenced issuing loans to individuals listed in the National Fishermen's Registry on May 1 of last year.

Under this framework, registered fishers can access multiple credit facilities tailored to their income, including personal financing, credit cards, and housing loans. Eligible fishers can also secure personal financing of up to MVR 300,000 without requiring collateral or equity.

Established in February 2024, the National Fishermen’s Registry serves as the core institutional bridge connecting self-employed fishers to commercial banking channels, addressing long-standing hurdles surrounding proof-of-income documentation across the sector.