Starting Thursday, local fishermen across the Maldives will be able to apply for a wide range of financial services from Bank of Maldives (BML), following a new partnership with the Ministry of Fisheries and Ocean Resources aimed at expanding financial access for those working in the fishing sector.
The initiative comes after BML signed a Memorandum of Understanding (MoU) with the ministry on April 28, in a move designed to bring banking services closer to one of the country’s most vital yet traditionally underserved communities.
Under the agreement, fishermen registered on the National Fishermen’s Register will now be eligible for several financial products, including personal loans, credit cards, and home financing options. Among the most notable benefits is the provision of personal financing of up to USD 19,455 — offered without the need for collateral or equity.
What sets this financing apart is a new repayment structure tailored to the unique income patterns of fishermen. According to BML’s Retail Banking Director Badruddin Hassan, this is the first time repayment plans are being adjusted in line with the seasonal nature of fishing income.
“We understand that fishing income is not consistent year-round,” Badruddin explained. “So while the overall repayment period is five years, the installments will be lower during off-peak fishing seasons, giving fishermen more flexibility.”
To ensure ease of access, applications for BML’s Personal Financing and Lui Loans can be submitted online via the Bank’s Internet or Mobile Banking app — allowing fishermen to apply remotely from any part of the Maldives.
In addition to personal financing, eligible individuals can also apply for housing-related financial services, including Home Build Financing, Home Purchase Financing, and Home Construction Financing, once they are listed in the National Fishermen’s Register.
The initiative is part of the government’s broader push to enhance the economic wellbeing of fishermen and strengthen the fishing industry, which remains a cornerstone of the Maldivian economy. The creation of the national registry, in particular, is aimed at improving financial inclusion and enabling policy support for the sector.
With this latest move, authorities hope to empower fishermen not only with better tools to manage their livelihoods but also with opportunities to build long-term financial security.
