Bank of Maldives Launches SplitPay to Allow Flexible Instalments on Large Purchases

The Bank of Maldives (BML) has introduced a new instalment service, BML SplitPay, allowing eligible credit cardholders to spread the cost of high-value purchases over an extended period. The service enables customers to convert transactions exceeding USD 97.04 into monthly instalments. Depending on the purchase and eligibility, customers can choose a repayment period ranging from three to 24 months. The facility is available to cardholders with an approved SplitPay limit when shopping at participating merchants. Designed for versatility, BML SplitPay is compatible with American Express, Visa, and Mastercard credit cards. Customers can opt to convert eligible transactions into instalments directly at the point of purchase, providing immediate flexibility for those managing significant expenses. Bank of Maldives CEO and Managing Director Mohamed Shareef stated that the initiative is aimed at giving customers more control over their spending. He noted that the service allows users to manage their expenses with increased confidence and convenience by breaking down larger payments into more manageable sums. The launch of SplitPay is part of a broader strategic effort by BML to enhance its digital financial ecosystem. By introducing tailored payment solutions, the bank aims to meet the evolving financial needs of its customers in an increasingly digital economy. This move comes as financial institutions in the Maldives continue to diversify their offerings to provide consumers with more sophisticated tools for budgeting and credit management.