Bank of Maldives (BML) has signed a Memorandum of Understanding with the Ministry of Fisheries and Ocean Resources to introduce financing services for individuals registered in the National Fishermen's Registry.
At a ceremony held at the BML Head Office this morning, the Minister of Fisheries and Ocean Resources, Ahmed Shiyam, signed the MoU on behalf of the Fisheries Ministry. CEO and Managing Director Mohamed Shareef signed on behalf of BML.
This MoU is part of President Dr. Mohamed Muizzu's pledges regarding fisheries, which include recognizing fishing as a formal occupation and opening opportunities for fishermen to access additional services such as loans from financial institutions in a way that fits within banking credit ratings. Under this policy, the MoU was signed to pave the way for fishermen to easily obtain financing from the Bank of Maldives. Services under this agreement will commence on the 1st of next month.
Under this MoU, Bank of Maldives has revealed that fishermen registered in the National Fishermen's Registry will have easy access to credit facilities based on their income for various needs, including personal financing, credit cards, and home purchase, construction, and renovation.
In this regard, under this arrangement, eligible fishermen can obtain personal financing up to MVR 300,000 without collateral and without equity (self-funded money). Bank of Maldives also stated that the bank will arrange flexible repayment options taking into account income fluctuations due to changes in fishing seasons. According to the bank, this is the first time such a decision has been made.
Bank of Maldives stated that applications for personal financing and easy loans can be submitted from anywhere via BML Internet Banking or the Mobile Banking App.
"The purpose of this agreement is to facilitate and increase financing opportunities for fishermen. In this regard, taking into account how fishermen earn their income and seasonal challenges, sustainable financial solutions needed for their livelihoods will be provided," said BML CEO and Managing Director Mohamed Shareef.
Bank of Maldives announced today that upon registering in the National Fishermen's Registry, in addition to personal financing, fishermen can also apply for Home Build Financing, Home Purchase Financing, and Home Construction Financing.
Compiling a National Fishermen's Registry with the aim of making fishermen recognized by the state is a presidential pledge of President Dr. Mohamed Muizzu. To implement this pledge in its most complete form, the Keyolhu mobile application was introduced on 16 February 2024, opening the opportunity for registration. To date, 95% of fishing vessels have been registered in the registry.
