Bank of Maldives (BML) continues its commitment to sustainable and responsible business by providing several CSR projects to more than 100 islands in 2020.
According to the Sustainability Report published by BML for the year 2020, BML supported more than 100 islands and several individuals through its CSR strategy.
BML currently has 35 branches across all 20 atolls, 66 Self-Service Banking Centers, 127 ATMs and 200+ cash agents on 185 islands. During 2020, BML expanded its network to make banking more accessible which includes; new or upgrading self-service banking and service centers in the Greater Male’ area and atolls. Moreover, expanding its Cash Agents to more than 40 in atolls.
As for the changes made to its banking services, BML reduced interest rates of many of its financing loans and relaxed the eligibility criteria to provide more leniency for its customers. Moreover, introduction of new BML Islamic Green Financing and Education Financing options and Green Loan focusing on environment friendly projects without additional collaterals. Furthermore, a Working Capital Finance facility was launched to meet short-term funding and cash flow requirements for businesses.
The need for digital banking was realised more than ever during the COVID-19 pandemic. BML expanded its digital banking services on several fronts, including instant online registration for internet banking and online application acceptance for many of its services.
BML also announced a 6-month moratorium for loans and financing facilities in March 2020 to minimize the impact on individuals and businesses due to COVID-19. Moreover, as part of the government’s recovery plan, BML partnered with the Ministry of Finance to support the implementation of the COVID-19 Recovery Scheme.
BML further supported the education sector of the Maldives by donating computer and educational equipment for children with special needs in several schools across the Maldives.
In its support for green and renewable energy solutions, BML currently has solar power systems in 12 islands nationwide.
“Aharenge Bank” Community Fund is an initiative of BML to empower individuals and organizations to contribute to their communities through sustainable projects. BML supports 20 community-based projects every year with a grant of MVR 50,000 in the thematic areas of education, environment, sports and community development. So far, BML has supported 40 projects across 40 islands.
“We are committed to support our customers, communities and colleagues as a responsible business contributing to positive change across the nation. From expanding our network to make banking more accessible to our customers, to ensuring business continuity and supporting customers and colleagues through Covid-19, we progressed through challenging times last year. Community engagement continued with awareness initiatives, financial support and Community Fund projects throughout the country, with BML at the forefront of empowering individuals to lead and inspire change.” CEO and Managing Director of BML, Mr. Tim Sawyer stated.