Bank of Maldives to Launch Student Cards and Restrict Overseas Card Use

The Bank of Maldives (BML) is introducing a dedicated card for students studying abroad and implementing strict new measures to curb the unauthorized overseas use of local bank cards. The initiative aims to stabilize the bank's foreign currency reserves by ensuring USD is available for essential needs. Speaking to the media, BML CEO and Managing Director Mohamed Shareef explained that these steps are necessary because the volume of US dollars spent abroad currently exceeds the amount purchased from the bank. To address this imbalance, BML will now restrict the overseas use of cards belonging to individuals who are physically present within the Maldives at the time of a transaction. This restriction will be powered by a new digital integration between BML and Maldives Immigration, allowing the bank to verify a cardholder's location in real-time. Shareef noted that the bank had identified numerous instances where cards issued to residents were being used abroad for transactions and cash withdrawals by third parties, a practice the bank intends to stop to ensure fairer access to foreign currency for all citizens. Recognizing the unique needs of students, the bank is developing a tailored solution. Students studying overseas who do not possess their own cards will be permitted to use a guardian's card, even if the guardian remains in the Maldives. Furthermore, BML will launch a special student card featuring a set monthly limit of up to USD 1,200. “We are working to establish a system so they can easily access and use these cards. We aim to implement these changes as soon as possible,” Shareef stated, adding that the specialized card will provide greater convenience and financial security for Maldivian students abroad. The move reflects a broader effort by the Maldives' largest bank to manage foreign exchange volatility while supporting the academic pursuits of its youth.