The Bank of Maldives (BML) has revealed improvements to its Advance Merchant Settlement service, designed to boost financing access for companies throughout the Maldives.

With the updated program, merchants will enjoy an easier application process and fewer documentation needs, with applications anticipated to be handled in five business days. Merchants who qualify can obtain financing of up to MVR 2 million, depending on their card settlement records through BML Merchant Services.

BML Chief Executive Officer and Managing Director Mohamed Shareef stated that the improvements are part of the bank's continuous initiatives to bolster financial assistance for companies across the country.

"We are committed to enhancing the financial infrastructure accessible to companies functioning throughout the Maldives." "By simplifying the application process and broadening the range of financing options, we intend to enable our merchant partners to effectively handle their operational needs and aim for sustainable growth," he stated.

For merchants to qualify for the facility, they need to have processed card payments via BML Merchant Services for a minimum of six months, maintain an average monthly card sales volume of MVR 20,000, and possess no overdue debts with any financial institution. Repayments will be automatically subtracted from daily merchant settlements, enabling businesses to handle financing alongside their ongoing operations.

Applications may be submitted through the Message Centre in Internet Banking or using the BML Mobile Banking application.

BML states that the upgrades demonstrate the bank's ongoing dedication to enhancing financing access for local enterprises, aiding their daily functions and future development.

Additional details about Advance Merchant Settlement can be found on the bank's website.