E-Commerce Accounts for 62 Per Cent of BML Customers’ Foreign Card Spending

Bank of Maldives (BML) customers spent USD 208 million on e-commerce transactions using debit and credit cards linked to rufiyaa accounts during the first nine months of 2026, accounting for 62 per cent of the bank’s USD 336 million in foreign card transactions.

Overall, BML supplied USD 722.1 million in foreign currency to customers in exchange for rufiyaa during the first nine months of 2026, approaching the USD 733.8 million supplied during the whole of 2025.

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The figures, released in BML’s third-quarter results, show that online purchases accounted for the largest share of foreign card spending during the period, ahead of USD 93 million spent through overseas point-of-sale (POS) terminals and USD 34 million withdrawn from overseas ATMs.

Foreign transactions using local-currency debit and credit cards averaged USD 37 million per month, according to the bank.

BML also reported supplying USD 224 million in foreign currency to fulfil customers’ telegraphic transfer requests during the first nine months of 2026, a 28 per cent increase on the USD 175 million supplied throughout 2025.

The bank supplied a further USD 86 million in travel cash allowances, including USD 5.8 million to people travelling abroad for Hajj and Umrah pilgrimages.

Foreign currency disbursements for education reached USD 40 million, averaging USD 4.4 million per month for Maldivian students studying overseas.

Meanwhile, the bank supplied USD 33 million for medical expenses, more than double the USD 14 million disbursed for medical purposes throughout 2025.