Bank of Maldives (BML) has come under criticism after customers found that the monthly $16 million limit on foreign e-commerce transactions using Maldivian Rufiyaa cards was exhausted even at the scheduled reset time.
According to BML, if the daily limit for a specific sector or merchant is reached, customers should be able to resume transactions the following day. The bank also noted that customers with a US Dollar card could continue to make purchases without these restrictions.
While the bank stated that daily limits would reset every morning at 7:00 am, customers have reported being unable to process transactions even at that exact time.
Expressing frustration, one customer said, "I couldn't even add my card, despite setting an alarm for the exact time." Another remarked, "The daily budget is being exhausted far too quickly."
Some customers have questioned the accuracy of the information provided by the bank. One individual noted, "I have been refreshing the page since 6:30 am with no change. It would be better if you didn't make empty promises like politicians. You are an institution."
Many who waited for this morning's reset were met with disappointment. "I tried multiple times at 7:00 am with three different credit and debit cards. Nothing worked. Even at 7:00 am sharp, I received payment rejection and error alerts," one customer shared.
"I tried several times to make e-commerce transactions starting from 5:30 am, but they all failed. Bank of Maldives has misled the public with lies. It is shameful. They come seeking votes with talk of loan repayments, but they will fail miserably," another added.
Within the overall $16 million monthly ceiling, BML has established daily limits for various sectors based on customer needs and the essential nature of services.
Under this framework, major e-commerce platforms have been allocated $3 million per month ($100,000 daily), while social media platforms are capped at $1.5 million per month ($50,000 daily).
Furthermore, $6 million per month ($200,000 daily) has been allocated for travel and hotel bookings, and $3 million per month ($100,000 daily) for essential subscriptions and critical services. All other businesses share a combined limit of $1.8 million per month ($60,000 daily).
Due to a surge in transactions for travel tickets and accommodation, BML has also restricted individual customers to a maximum of three such transactions within a three-month period.
The bank announced it would publish a list of the 150 most frequently used foreign e-commerce platforms, though it clarified that education, healthcare, travel, hotel bookings, and other essential services would be excluded from this list.
BML statistics show that Maldivian customers utilize over 40,000 e-commerce platforms worldwide. The bank reported a significant surge in such transactions this year, with an average of over 20,000 transactions daily. However, the current limits have caused substantial difficulties for the general public.
BML stated that these e-commerce limits were introduced due to the ongoing dollar shortage. The bank also acknowledged yesterday that it is facing challenges in processing Telegraphic Transfers (TTs) for businesses.
