BML Streamlines Advance Merchant Settlement Facility for Businesses

Bank of Maldives (BML) has revised its Advance Merchant Settlement facility to make short-term financing more accessible for businesses that receive card payments through its merchant services. Eligible merchants can now access up to MVR 2 million based on their card settlement history, with a simplified application process, reduced documentation, and a processing time of five working days. Repayments are automatically deducted from daily merchant settlements. To qualify, merchants must have accepted card payments via BML Merchant Services for at least six months, maintain an average monthly card sales volume of MVR 20,000, and have no overdue obligations with any financial institution. BML’s CEO and Managing Director, Mohamed Shareef, said: "This is our continued efforts to strengthen the financial infrastructure available to businesses operating across the Maldives. By streamlining the application process and expanding the scope of available financing, we aim to ensure that our merchant partners are better equipped to manage their operational requirements and pursue sustainable growth." Applications can be submitted through the Message Centre in Internet Banking or the BML Mobile Banking App. The changes reflect a broader trend among banks to expand financing products for small and medium-sized businesses using transaction records instead of collateral-heavy lending.

(Source：Corporatemaldives.com)