Economic Ministry signs ATM expansion agreement with MIB

The Ministry of Economic Development and Trade has signed an agreement with the Maldives Islamic Bank (MIB) to install ATMs across 19 islands in the country. The agreement was signed by Minister of Economic Development Mohamed Saeed and MIB’s Managing Director, Muffadal Idris Khumri, during a ceremony held at the President’s Office. Under the terms of the agreement, MIB will set up ATMs in 19 islands, extending its services to 16 atolls across the Maldives. The project is set to be completed within one year, as per the Ministry’s plans. Speaking at the ceremony, Minister Saeed emphasized that the initiative aligns with President Mohamed Muizzu’s vision to enhance financial inclusion and promote the financial participation of the Maldivian people. He thanked MIB for their cooperation and highlighted the project as a key pillar of the country’s digital economy. Currently, MIB operates 39 ATMs across various locations in the Maldives. With this new agreement, the bank will install an additional 23 ATMs across 19 islands, significantly expanding access to banking services in the outer atolls. In addition to the ATM installations, MIB will also establish additional services on these islands to further improve access to its banking products. This agreement with MIB is part of a broader effort by the government to expand ATM services nationwide. In addition to the agreement with MIB, the Ministry of Economic Development has also signed a separate agreement with the Bank of Maldives (BML) to install 109 ATMs in various islands, further supporting the President’s goal of providing nationwide ATM access.