Bank of Maldives (BML) has introduced a US dollar payment gateway designed to help small and medium-sized enterprises (SMEs) receive payments from international customers, providing Maldivian businesses with greater opportunities to participate in overseas markets.
The Ministry of Economic Development, Transport and Trade has welcomed the initiative, describing it as an important step towards addressing longstanding difficulties faced by local businesses in receiving foreign currency payments for products and services sold internationally.
The service became available on November 1, with eligible businesses able to submit applications through the Business Center Corporation (BCC) portal. The facility was developed through collaboration between BML, the ministry and BCC to improve access to international payment services for Maldivian enterprises.
President Dr Mohamed Muizzu first announced the initiative during the Maldives Expo 2026 awards ceremony on October 24, outlining plans to establish a payment solution that would allow local manufacturers, entrepreneurs and smaller businesses to receive US dollar payments directly from overseas customers.
The President’s announcement followed concerns surrounding the challenges experienced by Maldivian businesses when conducting international transactions, particularly those seeking to expand their operations beyond the domestic market.
According to the ministry, the launch of the payment gateway fulfils the government’s commitment to improving access to foreign currency earnings and strengthening the ability of local enterprises to engage in international trade.
The new facility allows businesses to receive payments in US dollars for goods and services provided to customers abroad. It also enables account holders to use their dollar earnings for international business expenses through debit cards linked to their accounts.
These transactions may include payments for overseas subscriptions, digital platforms and other services required for business operations, providing additional flexibility for enterprises operating in international markets.
The ministry highlighted that the arrangement could be particularly beneficial for entrepreneurs and digital content creators who rely on international platforms and services to generate income and manage their activities.
By improving access to foreign currency payments and allowing businesses to utilise their overseas earnings, the initiative is intended to support wider participation in the global digital economy.
The ministry reaffirmed its commitment to developing a more supportive business environment, with particular emphasis on creating opportunities for young entrepreneurs, content creators and SMEs to establish international commercial relationships and expand their operations.
The introduction of the dollar payment gateway represents a further effort to improve financial accessibility for Maldivian businesses seeking to reach customers beyond the country.
