Bank of Maldives to start community banking

The Bank of Maldives (BML) Plc has entered into an agreement with the Maldives Post Ltd. to provide the service of community banking in the islands of the Maldives in which the Bank’s branches have not been established yet.

In a function held at the Head Office of BML today, Peter Horton, CEO of the Bank, and Managing Director Shaazly Shafeeq of the Maldives Post Ltd. signed the agreement.

Speaking to the press after the signing of agreement, Shaazly said that community banking services, such as depositing and withdrawing money via post, shall be provided through Maldives Post Ltd. in islands which do not have Bank’s branches in them. She also said automatic teller machine services would also be provided. She further clarified that the project shall be implemented in various phases.

“This is something new, and we shall implement it gradually, step by step, in a number of phases. We hope that, God Willing, the work shall begin the next year, and the first service would be an ATM”, Shaazly said.

ATMs would be placed first in N. Velidhoo and H.Dh. Hanimaadhoo.

“We always strive to make our services available to all the people, and take our services within their reach. The new agreement would pave the way for that goal”, said Bank’s CEO Horton.

Under the arrengment made between BML and Maldives Post, a new ATM would be opened tomorrow, at the premises of Maldives Post Ltd. in Malé as well.