MIB Caps USD Transactions on Selected E-Commerce Sites Over ‘Unnecessary’ Spending Concerns

Maldives Islamic Bank (MIB) has imposed new restrictions on dollar transactions made through certain e-commerce websites using its debit cards, citing unnecessary spending by some customers and the need to preserve the service for essential needs.

In a statement issued last night, MIB said the USD 250 monthly foreign transaction limit available on its Rufiyaa debit cards was introduced to help customers meet essential expenses. However, the bank noted that some customers had recently been using the allowance for purposes beyond those intended.

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As a result, MIB said it had decided to immediately restrict the use of the dollar limit on selected e-commerce platforms to ensure the service can continue to be provided sustainably.

Under the new measures, customers will be allowed to make a maximum of 10 transactions on e-commerce websites using the dollar limit.

The bank said the changes will not affect the use of the USD 250 limit for a range of other services. Customers will continue to be able to use the allowance for subscription services, transactions conducted through overseas point-of-sale (POS) machines, medical-related payments and various expenses incurred while travelling abroad, except on the specified e-commerce sites.

MIB said the decision was taken to give as many customers as possible access to the dollar limit for their most essential needs. The bank also apologised for any inconvenience caused by the new restrictions.