BML plans system upgrade completion by mid-2026

The Bank of Maldives (BML) is aiming to complete its system architecture planning and upgrade by mid-2026, according to Chief Executive Officer and Managing Director Mohamed Shareef.

Speaking at the bank’s Annual General Meeting held Wednesday at Nasandhura in Malé, Shareef said the initiative is intended to ensure uninterrupted digital banking services. He stated that with more than 99% of financial transactions now carried out digitally, even brief service disruptions are not acceptable to customers.

“With an average of around seven transactions per second, a system outage, even for scheduled maintenance, cannot be tolerated by our customers,” Shareef said.

The AGM also approved a dividend distribution of MVR 296 million at a rate of MVR 55 per share.

Shareef noted that BML continues to prioritise services that align with customer needs. He said last year’s digital initiatives and service improvements have contributed to a reduction in customer complaints.

While acknowledging progress, Shareef said further work is needed to enhance service delivery across the bank.