ATMs in all islands to boost banking inflows, BML chief says
BML has also initiated efforts to raise public awareness of its digital services.
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Bank of Maldives (BML) CEO Mohamed Shareef has stated that the project to install ATMs on all islands in the Maldives will support the increase of funds entering the banking system.
In a LinkedIn article, Shareef explained that self-service ATMs in islands will reduce reliance on physical branches. He outlined several benefits of the initiative, including:
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In many islands, deposits exceed withdrawals, allowing for a more efficient flow of money into the banking system.
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Reduced costs for machine investments and improved operational efficiency.
Shareef noted that while reliance on ATMs is decreasing due to the growth of digital transactions, self-service banking remains significant given the dependence on cash in islands. He highlighted the establishment of ATMs as:
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A key step in transitioning to a reduced cash economy.
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A means to enhance financial inclusion by integrating ATM services with digital banking.
“The deployment of ATMs paves the way for full digital banking,” he stated.
He emphasised that self-service banking and digital innovations should be developed together. Given that the Maldives consists of islands with communities spread across different locations, the installation of self-service ATMs will help address challenges in providing banking services.
“BML aims to ensure that no island is left behind in the evolving banking landscape,” Shareef said.
BML has also initiated efforts to raise public awareness of its digital services. The bank’s teams have begun visiting islands to demonstrate the use of BML’s digital banking services and self-service ATMs.
