The Maldives Islamic Bank (MIB) has entered into an agreement with the Economic Ministry to install ATMs on 19 inhabited islands, enhancing access to banking services across the Maldives. The agreement was signed by Economic Minister Mohamed Saeed and MIB CEO Mufadhhal Idrees Humree at a ceremony held at the President’s Office.
Expansion Plan Highlights:
- 23 New ATMs in 2024: These will include 22 for Maldivian Rufiyaa transactions and one for US Dollar services, spread across 19 islands in four atolls.
- 2025 Goals: MIB aims to operate 62 ATMs in 37 islands across 16 atolls by the end of 2025, including 56 Rufiyaa ATMs and six US Dollar ATMs.
- Additional Facilities: Plans include opening a new branch, four sales centers, and 15 ATM kiosks nationwide in 2025.
Key Initiatives:
- Customer Convenience: MIB customers can use their cards at ATMs of other banks without extra fees.
- Online Banking Services: The bank provides comprehensive digital services, including online account opening and financing options like the Ujala Dhiriulhun facility.
- Innovative Products: Recent launches include the Faisa Wear Ring and the Binga Account, designed to improve financial literacy among children.
Collaboration with the Government:
At the event, Economic Minister Saeed emphasized that this initiative aligns with President Muizzu’s pledge to create a one-stop solution for essential financial services. He noted that this agreement marks a significant step toward fulfilling this commitment.
Current MIB Infrastructure:
- Existing ATMs: 39 machines in 18 islands across 12 atolls, including 34 Rufiyaa ATMs and five US Dollar ATMs.
- Branches and Centers: Six branches, six sales centers, and six kiosks operational across the country.
MIB’s expansion plan underscores its commitment to providing seamless and accessible banking solutions to residents throughout the Maldives.
