Bank of Maldives (BML) has faced public backlash after claiming that failed subscription payments to overseas merchants are due to issues on the merchants' end, rather than the bank’s recent restrictions on US Dollar transactions via Maldivian Rufiyaa (MVR) cards.
BML implemented these controls citing a shortage in foreign currency liquidity compared to previous levels, attributing the decline to the conflict in Iran. The bank established daily limits for popular international shopping sites and introduced a 30 percent fee on such transactions.
Public frustration over BML’s dollar limits has been mounting, with many customers reporting that they are unable to make payments even to websites not restricted by the bank.
In a post on X, BML stated that recurring subscriptions do not fall under the current daily foreign spend budget. The bank maintained that it has not blocked payments for such services.
Within 18 hours of the post, it garnered 168 comments and 130 reposts, with nearly all interactions accusing the bank of dishonesty regarding the matter.
"That is a lie; I couldn't pay for subscriptions using either credit or debit cards," one user replied.
Another commented: "This isn't a merchant issue; it’s a bank issue. This only started happening after the controls were put in place."
One customer noted that after contacting customer service twice, the only solution offered was to link their account to a USD card.
"I couldn't pay for my Microsoft 365 subscription. Even though I repeatedly try to pay at 12:30 am every night, I receive payment decline messages claiming the daily budget has been exhausted," another user shared.
These sentiments were echoed across the thread, with numerous users sharing screenshots of "Transaction Declined" notifications received via the BML mobile app.
Many highlighted their inability to pay for essential services commonly used by Maldivians, including Netflix, Spotify, Microsoft, Adobe, Meta Ads, and X.
Following the initial post, BML shared a second update yesterday featuring statistics intended to show that the bank’s foreign currency provision to individuals and businesses is actually increasing.
"You cannot justify controls that withhold customer funds for personal commercial transactions," one person commented on the follow-up post.
Small businesses are also suffering losses due to these restrictions. Businesses that previously relied on regular social media advertising are facing downturns as they can no longer process payments for ads.
Furthermore, some small enterprises that operate by importing goods from overseas websites have reported being forced to suspend operations entirely due to the payment hurdles.
Since the current administration took office, there have been widespread allegations of political influence over BML, with many arguing the bank is operating more like a government agency. President Mohamed Muizzu, last week, indicated that some relief regarding BML’s dollar controls may be introduced toward the end of this month.
