The President of the Bodu Kanneli Masveringe Union (BKMU), Hussain Nasheed, has stated that the signing of an MOU between Bank of Maldives (BML) and the Fisheries Ministry to make fishermen recognized by the state is a major advancement, and reaching this point is the result of long-term efforts.
In an interview given to "Keyolha", Nasheed said that since the day the Bodu Kanneli Masveringe Union was formed, many efforts have been made to make fishermen recognized by the state. In this regard, BKMU submitted a petition to the Parliament's Petition Committee in 2021, and Nasheed noted that one of the most important points highlighted in it was the difficulties faced by fishermen within the banking system.
Nasheed said that during the last presidential election period, both main parties held discussions with BKMU to draft the fishermen's manifesto. Nasheed stated that this matter was also included in those discussions.
"What I am trying to say is that this did not just happen out of nowhere. What we are seeing today is actually the result of efforts made over quite a long period. If so, fishermen entering the banking facility is a very big challenge. This was achieved through the very hard work of the lead fishermen who worked with me in BKMU, and all the fishermen under the lead fishermen. This did not just happen out of nowhere," said BKMU President Hussain Nasheed.
Nasheed said the hope is that this will be implemented as soon as possible in a way that benefits all fishermen. Nasheed also stated that he hopes this can be carried forward in a sustainable manner.
Under the Memorandum of Understanding signed yesterday between Bank of Maldives and the Fisheries Ministry to facilitate financial assistance for fishermen, fishermen registered in the national fishermen's registry will have easy access to credit facilities for various purposes such as personal financing, credit cards, and buying, building, and repairing homes based on their income. Under this arrangement, eligible fishermen can take personal financing up to MVR 300,000 without collateral and without equity (money to be spent out of pocket). The bank will also arrange flexible repayment options taking into account the income fluctuations with the changing fishing seasons. This is the first time such a decision has been made.
