Finance Minister Pushes for Nationwide Access to Expanding Financial Services

Finance and Public Enterprises Minister Hassan Zareer has called for the expansion of financial services to ensure accessibility for all citizens, regardless of their geographic location. Speaking at the inauguration of a new Maldives Islamic Bank (MIB) ATM in Goidhoo, Baa Atoll, the Minister emphasized that the growth of the financial sector must be inclusive. The newly installed ATM marks the 62nd such machine deployed by MIB across the archipelago. Minister Zareer stated that under the policy of President Dr Mohamed Muizzu, the government is committed to ensuring that no island is left behind as the country's banking infrastructure evolves. He noted that the availability of local ATMs removes the burden on island residents, who previously had to travel to atoll capitals for basic deposit and withdrawal services. Beyond convenience, the Minister highlighted the strategic importance of these facilities in supporting the local economy. He noted that increased ATM availability is expected to bolster the growth of guesthouse businesses and the burgeoning tourism sector on smaller islands, where easy access to cash is essential for operations and visitors. Minister Zareer also observed the rising popularity of Islamic banking services across the Maldives, affirming the government's desire to see these specialized services available nationwide. He pledged that the state would continue to cooperate with MIB and other financial institutions to bridge the gap in banking accessibility. MIB has recently intensified its footprint in Baa Atoll, launching ATMs in Kendhoo and Thulhaadhoo. Additionally, the bank has upgraded its sales center in Eydhafushi, the atoll's capital, into a full-service branch. This upgrade now allows residents and businesses in the region to access comprehensive banking services, including account openings and financing options, without leaving the atoll.