Maldives opens dollar payment service for small businesses via Cumuvo portal

A new service enabling micro, small and medium-sized enterprises to receive payments in US dollars from foreign customers has been launched, with applications now open through the Cumuvo portal of the Business Centre Corporation (BCC). Under the arrangement, Maldivian businesses supplying goods and services to international markets will be able to deposit payments made with international cards directly into their US dollar accounts through Bank of Maldives (BML) payment gateways. The dollars received can also be used for subscriptions and various foreign expenses via a US debit card linked to the business account. BCC stated that interested parties can currently apply for the service through www.bcc.mv. President Dr. Mohamed Muizzu announced during the award ceremony of the "Maldives Productivity Summit 2026" that the arrangement would be implemented from November 1, 2026, as part of the government's efforts to promote small and medium-sized businesses. The President said the measure aims to solve difficulties faced by Maldivian producers and small businesses in obtaining funds from foreign customers. He added that opening up opportunities to receive foreign currency will serve as an impetus to expand business into international markets, increase income, and open new doors for growth. The service has been arranged jointly by the Ministry of Economic Development, Tourism and Trade, BCC and BML. It is expected to provide significant ease especially for export businesses and Maldivian small and medium-sized enterprises providing services to foreign entities in online and creative industries.