Bank of Maldives (BML) has revised its Advance Merchant Settlement facility, introducing faster application processing, simplified requirements and higher financing limits for eligible merchants. 

Under the revised facility, applications will now be processed within five working days with reduced documentation requirements. Eligible merchants can access financing of up to MVR 2 million based on their card settlement history through BML Merchant Services, an increase designed to provide businesses with greater access to working capital.

To qualify, merchants must have accepted card payments through BML Merchant Services for at least six months, maintain an average monthly card sales volume of MVR 20,000 and have no overdue obligations with any financial institution. Repayments will be automatically deducted from daily merchant settlements, while applications can be submitted through the Message Centre in Internet Banking or the BML Mobile Banking App.

BML Chief Executive Officer and Managing Director Mohamed Shareef said the changes were intended to make financing more accessible for businesses by reducing processing times and simplifying applications, allowing merchants to better manage operational requirements while supporting future growth.