BML cuts merchant fee to 1%, hikes debit card dollar limit to $1000
Additionally, for medical and travel purposes, the foreign spend limit has been raised to USD 3,000 per month.
Bank of Maldives (BML) on Monday announced a major reduction in its Merchant Discount Rate (MDR) to 1% on all BML debit cards used on BML POS terminals, alongside a new financing facility for merchants.
This announcement comes as part of a series of positive changes coinciding with the bank’s 43rd anniversary, reaffirming BML’s commitment to driving growth and financial inclusion across the Maldives.
The MDR, which is the commission charged by the Bank to merchants for accepting card payments on BML POS terminals, has remained at a standard rate of 2.5% since BML introduced debit card services in 2000. Monday's announcement marks the first-ever reduction in this rate — a significant step that will directly benefit over 7,000 merchants who currently use BML’s payment solutions nationwide.
“The bank’s success is closely tied to the success of our business customers," Mohamed Shareef, CEO and Managing Director of Bank of Maldives, said.
"On our 43rd anniversary, we are proud to introduce meaningful measures that will ease costs and improve access to finance for businesses across the country. Reducing the merchant fee to 1% is a significant change that we believe will make a real difference for thousands of businesses."
In addition to the MDR reduction, BML introduced a new Advance Merchant Settlement facility to provide greater financial flexibility for its merchant partners. Offered as an unsecured merchant advance settlement, this facility gives businesses quick and easy access to funds of up to MVR 2 million, based on their last six months of POS sales with BML. Repayments are structured conveniently against future daily sales, ensuring flexibility and ease for merchants.
Alongside these business-focused measures, the bank also announced an increase to foreign spending limits for its debit card customers to USD 1,000 per month for POS transactions, effective from Tuesday.
Additionally, for medical and travel purposes, the foreign spend limit has been raised to USD 3,000 per month. Customers can begin using these new limits immediately without needing to apply.
