Bank of Maldives (BML) today introduced a monthly limit of $3,500 on cash withdrawals per customer through its ATMs.
The national bank, which has been facing challenges due to a dollar shortage and delays in foreign currency transactions and transfers, stated that the new limit is part of its ongoing efforts to promote modern, "digital-first" banking services in the Maldives.
Despite the new restriction on cash withdrawals, BML clarified that customers can still perform card transactions of up to $1,600 per day.
"This decision aligns with BML's long-term strategy to reduce reliance on cash and promote a faster, safer, and more convenient digital financial ecosystem," the bank said in a statement.
BML further noted that it has made investments in digital infrastructure to provide banking services that eliminate the need for physical cash.
The bank highlighted that through BML Mobile Banking and Internet Banking, customers can pay bills, transfer funds, and manage all account activities conveniently from anywhere at any time.
Additionally, the bank emphasised that customers can easily make card and contactless payments at businesses both locally and internationally, as well as utilise instant account-to-account transfer services.
Despite these justifications, BML had previously installed several ATMs, including dollar ATMs, across various regions of the country under government policy. At the time, critics pointed out that expanding the ATM network contradicted the bank's objective of reducing cash dependency.
