Lui Loan and credit card figures hit MVR 7.7 billion

Lui Loan (personal use loan) and credit card payment amounts have hit MVR 7.7 billion.

Statistics from the central bank Maldives Monetary Authority (MMA) show a 20% increase in loan handouts from Maldivian banks compared in May 2025 compared to May 2024.

In May last year, personal loan handout and credit card usage was at MVR 6.2 billion.

The last five years have seen record numbers in credit card usage and personal loans. MMA's records show that the 2021 number was at MVR 3.6 billion, which comes up to a 120% increase. These numbers show that the debt accrued by the public is increasing yearly.

- 2021: MVR 3.6 billion

- 2022: MVR 4.5 billion

- 2023: MVR 5.6 billion

- 2024: MVR 7.2 billion

- 2025: (up to May) MVR 7.7 billion

MMA's records show that credit card and Lui Loan demand has increased from 2023 to 2024. That one year alone saw a usage increase of 40% or an increase of MVR 2.1 billion.

As per the figures, BML is responsible for a majority of the loans that have been given out.

From the beginning of the year till now, the debt that has been accrued by the public due to loans from banks is currently at MVR 34.5 billion. The industry that has amassed the bulk of the loan is the tourism industry, with a loan amount of MVR 12 billion. Trailing behind in second is the loan amount concerning credit card usage and loans given out to the public.