Bank of Maldives (BML) has expanded their cash deposit and payment services in the atolls with 40 Cash Agents.

A statement issued by the bank said that through these agents, customers can make cash deposits of up to MVR 10,000 per day as well as make payments for loans and credit cards.

While there are over 200 Cash Agents providing cash withdrawal services across the islands today, BML introduced its Cash Agent service in 2014 as part of its efforts to bring banking services to islands. With today’s announcement, 40 of these local retailers now provide cash deposits as well as payment services with no additional charges.

BML’s CEO and Managing Director Tim Sawyer said that Cash Agents work similar to ATMs in that they can be used for cash withdrawals, deposits and payments through a POS terminal using customer’s debit card.

"Using our existing POS network to establish Cash Agents has proven to be a successful model in our Financial Inclusion strategy,” Sawyer said, “Local communities can bank conveniently in their home island, without the need to travel to the nearest branch or ATM."