BML links cards to immigration data for overseas transactions

Bank of Maldives on Saturday announced new controls on foreign card transactions through a digital integration with Maldives Immigration.

Under the new system, cards issued by the bank can only be used at overseas point-of-sale terminals and ATMs when the cardholder is physically outside the Maldives.

Speaking at a press conference, BML Chief Executive Officer and Managing Director Mohamed Shareef said the move was introduced to ensure fairer distribution of US dollars for essential needs.

He said the bank had identified cases where customers sent cards abroad for use by others in order to access foreign exchange limits.

“Through the digital integration established between BML and Maldives Immigration, the foreign spending limit on POS and ATM transactions will only be activated when the cardholder is abroad,” Shareef said.

He added that while the cardholder remains in the Maldives, the card cannot be used at overseas ATMs or payment terminals.

According to Shareef, net foreign currency inflows fell by USD 100 million over the past four months compared with the same period last year.

He said demand for dollars through cards continues to exceed available supply.

BML also announced the introduction of a student card for Maldivian students studying overseas.

The bank said the card is intended in part for students under 18 who may not have their own bank cards and rely on family support.

A monthly limit of up to USD 1,200 has been set for eligible students abroad.

In addition, the bank said it would introduce a daily spending cap for selected e-commerce platforms.

Shareef said websites such as Temu and Shein would operate within a fixed daily foreign exchange budget.

He said transactions on other websites would remain under current limits for now.