The Bank of Maldives (BML) has unveiled the country's first-ever Student Debit Card at an official ceremony held at Hotel Jen.

Speaking at the launch, BML’s CEO and Managing Director, Mohamed Shareef, noted that the introduction of the Student Card was a significant step in promoting financial literacy among young people. He expressed the bank’s pride in bringing forward yet another industry-first initiative aimed at equipping students with the necessary tools to manage their finances responsibly from an early age. He further emphasised the bank’s commitment to nurturing a generation that is both confident and well-informed in matters of personal finance.

The BML Student Debit Card is specifically designed for children aged seven and above, allowing them to gain practical money management skills and a sense of financial independence. Through this card, parents are able to send money, oversee spending, and manage card functions creating a shared learning experience that encourages the development of sound financial habits from a young age.

To cater to different age groups, the card is available in two distinct designs: one for children aged 7 to 12 and another for those between 13 and 17 years old. Parents can apply for the card via the BML Mobile Banking App, which also offers features such as card freezing and unfreezing, PIN changes, and the ability to block the card. For enhanced security, One-Time Password (OTP) verification for online or high-value transactions will be sent to the parent’s registered mobile number.

Issued as a Visa Debit Card, the Student Card carries no fees and can be used for both domestic and international transactions. It also introduces a unique benefit in the form of a 0.5 per cent annual rebate on total spending, which is automatically credited to the child’s savings account at the end of the year, encouraging the practice of saving while spending.