Economic Ministry Partners with MIB to Expand ATM Network
The Ministry of Economic Development and Trade has entered into an agreement with the Maldives Islamic Bank (MIB) to install ATMs across 19 islands, a move aimed at increasing financial accessibility throughout the country.
President Dr @MMuizzu attends the MoU signing between @MoEDmv and @mibmv to introduce ATM services across various regions of the Maldives. This initiative will enhance convenience for the Maldivian community and support local businesses by providing greater access to banking… pic.twitter.com/6qLDkQb5n2
— The President's Office (@presidencymv) November 7, 2024advertisement
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The agreement was formalised in a signing ceremony at the President’s Office, attended by Minister of Economic Development Mohamed Saeed and MIB’s Managing Director, Muffadal Idris Khumri.
Under this agreement, MIB will install ATMs across 16 atolls, with the project anticipated to be completed within a year, as outlined by the Ministry. This initiative supports President Mohamed Muizzu’s broader vision of enhancing financial inclusion and enabling wider participation in the digital economy.
Minister Saeed, speaking at the ceremony, expressed gratitude to MIB for their cooperation and emphasised that this initiative represents a significant step toward building a more inclusive financial landscape for Maldivians. The Minister highlighted the ATM expansion as a key component of the country’s commitment to digital transformation.
At present, MIB operates 39 ATMs across various locations in the Maldives. The new agreement will add 23 more ATMs on 19 islands, notably increasing banking access in remote atolls. Additionally, MIB will introduce further banking services on these islands to improve access to its range of financial products.
This partnership with MIB is part of a wider government effort to expand ATM coverage nationwide. Alongside the MIB agreement, the Ministry has also signed a separate deal with the Bank of Maldives (BML) to install 109 ATMs on various islands, reinforcing the government’s commitment to ensuring comprehensive ATM access across the Maldives.
