Ministry signed a Memorandum of Understanding (MoU) with the Bank of Maldives to Enhance Financial Services for Fishermen

The Ministry of Fisheries and Ocean Resources signed a Memorandum of Understanding (MoU) with the Bank of Maldives (BML) today, Implementing the President's policy to integrate fishermen by establishing financial pathways allowing them better opportunities to obtain loans and other financial services. The MoU seek to recognise fishing as a profession and integrate fishermen into the banking credit rating system.

The Memorandum of Understanding (MoU) signed by The Minister of Fisheries and Ocean Resources, Ahmed Shiyam, and Mr. Mohamed Shareef, Chief Executive Officer and Managing Director of the Bank of Maldives.

Briefing to the media at the ceremony, Minister highlighted that the Memorandum of Understanding (MoU) signed with the Bank of Maldives (BML) will provide fishermen registered in the National Fishermen’s Registry access to various credit facilities. These include personal financing, credit cards, and home loans, with flexible repayment structures.

Further more registered fishermen in the National Fishermen's Registry will be able to secure personal financing of up to MVR 300,000 without requiring collateral or equity, with repayment schedules designed to accommodate seasonal fluctuations in fishing income.

In additionally, registered fishermen will be eligible for home purchase financing, home build financing, and home construction loans, allowing them to enhance their standard of living and achieve homeownership.

Applications for financing and loans will be available online via the Bank’s official website and mobile banking platforms, ensuring accessibility from any location across the Maldives.

These new financing options will create pathways for fishermen to improve their livelihoods.