Ministry of Economic Affairs and the Bank of Maldives (BML) have signed a Memorandum of Understanding (MoU) to expand ATM services to all inhabited islands in the Maldives by the end of next year.

The project was inaugurated by President Dr Mohamed Muizzu at a ceremony held at the President's Office today. As part of the initiative, the first ATM was set up in Omadhoo, marking the 150th installation by BML.

The MoU was signed by Economic Minister Mohamed Saeed on behalf of the government and Mohammad Shareef, CEO of BML. The expansion will take place in three phases, with 17 villages in the first phase, followed by 56 in the second, and 30 in the third, aiming for a total of 250 ATMs nationwide by 2025.

This expansion aligns with President pledge to make banking services accessible to all Maldivians, marking a significant step in improving financial inclusion across the country.