The Bank of Maldives (BML) has announced today that MSMEs can now apply for the BML Payment Gateway.
It said that the service allows them to accept payments from overseas customers for goods and services. Funds will be settled in US dollars for transactions made via international cards.
The US dollars received can be used without restriction to pay for subscriptions and other international payments using a USD debit card linked to the account.
MSMEs can request the service by applying through the BCC portal, which will be live later today.
Upon receiving the referral from BCC, the Bank will contact the businesses directly to obtain the required documentation and finalize the registration and onboarding process. Once these steps are complete, the service will be activated.
The initiative is being delivered in partnership with the Ministry of Economic Development, Transport and Trade and the Business Center Corporation (BCC). It is designed to support MSMEs serving international markets by giving them a direct route to receive payments from customers abroad.
