Bank of Maldives (BML) CEO and Managing Director Mohamed Shareef has stated that in addition to initiating payments to fishermen within 48 hours, the issuance of loans by BML to fishermen registered in the national fishermen's registry has positively impacted the fishing industry and improved the general living conditions of fishermen.
Speaking at the ceremony held today to launch the 'Bank of Maldivians' nationwide campaign, BML CEO Shareef said that fishing is a vital industry for the Maldivian economy. He noted that the agreement signed with MIFCO to assist the fishing sector was to establish a system to pay fishermen within 48 hours, in accordance with the pledge made by President Dr. Mohamed Muizzu. He added that since the commencement of payments, funds have been disbursed regularly, and payments to fishermen are being made from MIFCO's revenue, through a system designed to prioritize depositing money into fishermen's accounts.
"Whether it is an official day or a weekend, these transactions are being completed. I would like to highlight... this is not being done (paying fishermen) with the bank's money. Nor is it by issuing loans to MIFCO. It is by establishing a system that prioritizes depositing money into fishermen's accounts first, from the revenue deposited into MIFCO's account," CEO Shareef said.
Shareef highlighted that another advancement achieved in this regard is the financial inclusion of fishermen. Fishermen registered in the national fishermen's registry can now easily obtain loans and financing from BML based on their income, for various purposes such as personal financing, credit cards, and purchasing, constructing, or renovating homes.
"This is a very significant advancement for one of the largest industries in the Maldives. This has positively impacted the entire fishing industry. The general living conditions of fishermen have improved. And similarly, with this system, the Maldivian economy and the bank are also benefiting from it," CEO Shareef said.
Depositing money to fishermen within a minimum of 48 hours of MIFCO purchasing fish from them is one of President Dr. Mohamed Muizzu's most important pledges for the fisheries sector. In accordance with this pledge, depositing money for the fish caught by fishermen within 48 hours commenced on Fishermen's Day last year. As of now, a total of 721 million Rufiyaa has been disbursed to fishermen.
Under President Dr. Mohamed Muizzu's fisheries pledges, as part of the policy to recognize fishing as a profession and open opportunities for fishermen to obtain additional services such as loans from financial institutions that fit within banking credit ratings, BML signed a Memorandum of Understanding with the Ministry of Fisheries and Ocean Resources on April 28, 2024. This was to introduce financing services to those registered in the national fishermen's registry, paving the way for fishermen to easily obtain financing from BML. The issuance of financing commenced on May 1 of this year.
