Deposits rise with the increase in ATM's: Shareef

The nationwide rollout of ATMs is boosting cash deposits and improving access to banking, Bank of Maldives CEO Mohamed Shareef said.

Speaking about the launch of ATM services in all inhabited islands of Baa atoll, Shareef called the milestone “historic”, noting that residents in 10 islands which previously did not have ATM's now have access to it.

The initiative is part of a joint project between BML and the government, launched by President Mohamed Muizzu in November last year, to install ATMs on every inhabited island.

“It’s basic banking available whenever you need it, without having to travel,” Shareef said.

He thanked the president for prioritizing the service, as well as ministries, councils and bank staff for their support.

ATM services have now been established in all islands of Haa Alifu, Shaviyani, Noonu, Kaafu, Meemu, Dhaalu and Baa atolls, with 47 new ATMs launched this year. Rollout is under way in 23 islands across five other atolls, with 33 more expected in the remaining seven atolls in the coming months.

Shareef said the ATMs were not only convenient for residents but also encouraged more participation in the financial system.

“The amount of money entering the bank through ATMs is increasing. This is proof that more people are participating,” he said.

With 99.7 percent of BML transactions now conducted digitally, Shareef said ATMs remained essential in a country where many still rely on cash. The expansion, he added, reduced queues at branch counters, freeing staff to promote other banking services.

“It is a huge burden to cross the sea to another island in bad weather just to withdraw cash. We want to end this and involve all people in financial development,” he said.