Second Phase of Youth Entrepreneurship Financing Launched in Maldives

Bank of Maldives (BML) and SME Digital have launched the second phase of the Youth Entrepreneurship Financing program, aimed at fostering young entrepreneurs. The program offers financing of up to MVR 150,000 without collateral to youth aged between 18 and 30, at an annual interest rate of 7%. Repayment is over a total tenure of 5 years, including a 6-month grace period. Applicants must first complete an online financial awareness program, accessible via the SME Portal, before applying through the BML Swipe App. The first phase of the program provided over MVR 300 million in financing to more than 3,000 young entrepreneurs across the Maldives. Badruddin Hassan, CEO of SME Digital, noted the overwhelming enthusiasm for the first phase, indicating a strong demand for such financing opportunities among Maldivian youth.