Since the Bank of Maldives (BML) began issuing loans to individuals registered in the National Fishermen’s Register, 14 fishermen have received financial assistance through the scheme.

The Bank of Maldives (BML) and the Ministry of Fisheries and Marine Resources signed an agreement on 28 April to improve access to financing for registered fishermen. Under the agreement, loan disbursements began in May, with the aim of supporting the development and long-term sustainability of the fishing community.

So far, 38 fishermen registered in the National Fishermen’s Register have applied for loans under the new scheme. Of these applications, eight are currently being processed, while the Bank of Maldives has already disbursed loans to 14.

Fishermen now have easier access to a variety of credit options—such as personal loans, credit cards, housing loans, and funds for construction and renovation—tailored to their income levels. Applications can be submitted online via BML’s internet banking or mobile app platforms, providing convenient access nationwide.

Under this arrangement, eligible fishermen can access personal financing of up to Rs 300,000 without a mortgage or equity. The bank also provides flexible repayment plans customised to accommodate the income fluctuations fishermen experience throughout the fishing season.

The initiative forms part of the government’s broader efforts to strengthen the fisheries sector, a vital pillar of the Maldivian economy.