Bank of Maldives (BML) has launched their Mastercard Business Prepaid card as part of the bank’s strategy to foster financial inclusion through secure digital payments.

The new card was launched at an event held at Hotel Jen on Tuesday. The national bank said it was excited to collaborate with card partner Mastercard to launch an innovative alternative for small businesses.

"Our new Mastercard Business Prepaid card is a significant step in continuing our support for the business community and their evolving needs," said the bank's CEO and Managing Director Mohamed Shareef.

According to the bank, Mastercard Business Prepaid card is a safer and more convenient alternative for businesses to manage their cash requirements and allows businesses to easily track purchases and keep everyday small expenses separate.

BML said the new card is available in both MVR and USD, with both cards accepted locally on ATMs, POS machines and Payment Gateways and USD card accepted on foreign POS machines and Payment Gateways.

With a daily transaction limit of MVR 200,000 or USD 50,000, the card can be reloaded up to MVR 500,000 or USD 100,000. For convenient tracking, the card balance and purchases can be viewed on Internet Banking and Mobile App wallet.

BML has a nationwide network of 39 branches across all 20 atolls, 93 Self Service Banking Centres, 148 ATMs, Agent Banking Service and a full suite of Digital Banking services.