In their statement, BML said that the student debit cards are designed by the bank to help children learn practical money management skills and give them a sense of independence.
BML
During a ceremony held on 10 May 2025 at Hotel JEN, the Bank of Maldives (BML) launched the country’s first BML Student Debit Card – opening new pathways for younger kids to start learning how to manage and save money.
In their statement, BML said that the student debit cards are designed by the bank to help children learn practical money management skills and give them a sense of independence. The newly introduced card is available for children aged seven and above – allowing parents to send money, guide spending, and manage the card functions, therefore teaching kids important financial habits from a young age.
The student debit card is issued as a Visa Debit card, has zero fees, and can be used for both local and international transactions. It also offers a first-of-its-kind benefit for children with an annual rebate of 0.5 percent on the total amount spent using the card. The rebate, provided at the end of the year, will be automatically credited to the child’s savings account, allowing for smart saving even while spending.
We are proud to introduce another industry-first innovation from the Bank of Maldives. The BML Student Card is designed to equip students with the tools to manage their finances responsibly long before they reach adulthood. By fostering financial literacy from an early age, we aim to cultivate a generation that is confident and knowledgeable about financial services.
This is not the first product that the bank has launched for a younger audience. In October 2024, BML also launched a kids’ saver account that comes with an increase in rate to 3 percent profit on MVR accounts and 3.5 percent profit on USD accounts.
