The Bank of Maldives (BML) has announced the winners of its 2024 Startup Grant, providing financial support of MVR 500,000 each to two aspiring entrepreneurs to help establish and grow their businesses.

The recipients of this year’s grant are Niyaf Mohamed and Mohamed Shamin Ali.

Niyaf’s project, The Island Factory, aims to transform the Maldivian fish products industry by creating high-quality, innovative snacks.

Meanwhile, Shamin’s initiative, After School, focuses on locally designed and assembled STEM kits and training programs tailored for young learners in the Maldives.

The winners were chosen through a rigorous two-stage evaluation process. Initially, business plans were reviewed to shortlist 10 promising applicants, who then presented their ideas to an evaluation committee for final selection.

Now in its third consecutive year, the BML Startup Grant continues to foster entrepreneurship, supporting innovative ideas and contributing to the country’s economic development.