The Ministry of Fisheries and Ocean Resources and the Bank of Maldives (BML) have signed a memorandum of understanding (MoU) to introduce new financial facilities for fishermen registered in the National Fishermen’s Register.

The agreement, signed at BML headquarters by Fisheries Minister Ahmed Shiyam and BML CEO and Managing Director Mohamed Shareef, aims to ease access to credit for fishermen, offering personal financing of up to MVR 300,000 without collateral or equity requirements.

The facility, introduced for the first time, will allow registered fishermen to apply for various financial products, including personal loans, home purchase financing, home construction loans, and credit cards. Applications can be submitted online via BML’s internet banking or mobile app platforms, providing convenient access nationwide.

A key feature of the new scheme is the flexible repayment structure, designed to accommodate the seasonal fluctuations in fishermen’s incomes. BML stated that repayment terms will consider changes in fishing conditions, offering greater financial security to those reliant on the fishing sector for their livelihoods.

The initiative is part of the Government’s efforts to strengthen the fisheries sector, a key pillar of the Maldivian economy. Speaking at the signing, CEO Mohamed Shareef noted that the collaboration reflects President Dr Mohamed Muizzu’s commitment to supporting fishermen and enhancing their access to sustainable financial solutions.

Minister Shiyam emphasised that around 95 per cent of fishermen are currently registered in the national database and urged the remaining unregistered fishermen to complete their registration to benefit from the new financing options. He reiterated that the Administration prioritises recognising and supporting the contributions of fishermen to national development.