News foreign transactions / restrictions Maldives Impact 5.0/10 2 min read

BML Lifts Restrictions on Previously Blocked Foreign Merchants

Bank of Maldives (BML) lifted restrictions on transactions with previously blocked foreign merchants, including money transfer platforms and digital wallets. Customers can use BML's Visa USD credit card or Mastercard prepaid USD travel card. CEO Karl Stumke said the move supports freelancers and small merchants. This follows a cabinet decision on January 7 to introduce e-wallet services within a week, though implementation was delayed. Minister of Economic Development Mohamed Saeed thanked BML. President Muizzu also pledged to lift restrictions for PayPal, Payoneer, Skrill, Stripe, and Neteller.

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Maldives Republic

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Mar 31, 2024

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📋 Story Brief

Bank of Maldives (BML) lifted restrictions on transactions with previously blocked foreign merchants, including money transfer platforms and digital wallets. Customers can use BML's Visa USD credit card or Mastercard prepaid USD travel card. CEO Karl Stumke said the move supports freelancers and small merchants. This follows a cabinet decision on January 7 to introduce e-wallet services within a week, though implementation was delayed. Minister of Economic Development Mohamed Saeed thanked BML. President Muizzu also pledged to lift restrictions for PayPal, Payoneer, Skrill, Stripe, and Neteller.

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Maldives Republic

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