Banking

BML announces key enhancements to the Advance Merchant Settlement facility

In their statement, the bank stated that merchants can now benefit from a simplified application process and reduced documentation, with applications processed within just five working days, down from previous turnaround times.

BML

BML

On 03 July 2026, the Bank of Maldives (BML) announced key enhancements to the Advance Merchant Settlement facility, reaffirming the bank's commitment to helping businesses across the Maldives grow with more accessible financing.

In their statement, the bank stated that merchants can now benefit from a simplified application process and reduced documentation, with applications processed within just five working days, down from previous turnaround times.

Advance Merchant Settlement lets your business unlock working capital based on the card payments you collect through BML. Borrow against your merchant settlements, enjoy seamless repayment through automatic deductions from your daily merchant sales, and keep your cash flow moving without lengthy paperwork or bank visits.
BML

Key Features

  • Finance up to MVR 2 million, with your eligible amount determined by your card settlement volume and your history as a BML merchant.
  • Minimal documentation requirement
  • A 24-month overdraft facility, secured against your merchant receivables.
  • Automatic daily repayments are deducted straight from your merchant settlements.
  • Competitive interest rate of 12% per annum.

Eligibility Criteria

  • An active BML merchant accepting card payments for at least 6 months.
  • MVR 20,000 minimum average monthly card sales.
  • No outstanding or due obligations with any financial institution.

Applicable Fees:

  • Application fee: MVR 1,500 (non-refundable).
  •  Processing fee: 1.5% of the facility amount.

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