Bank of Maldives (BML) has introduced stricter controls on foreign card transactions, following the discovery that around 500 cards issued by the bank were used to make purchases at a single shop in Dubai within just a few days.
Speaking at a press conference on Tuesday, BML CEO and Managing Director Mohamed Shareef said the activity appeared to involve misuse of dollar limits, with individuals using cards belonging to others.
Under the new measures, BML has integrated its systems digitally with Maldives Immigration. As a result, cards issued by the bank can now only be used at overseas point-of-sale terminals and ATMs when the cardholder is physically outside the Maldives.
“Through the digital integration established between BML and Maldives Immigration, the foreign spending limit on POS and ATM transactions will only be activated when the cardholder is abroad,” Shareef said. He added that while the cardholder remains in the Maldives, the card cannot be used at international terminals.
Shareef explained that the current dollar limit on BML cards is 1,000,withupto1,000,withupto3,000 allowed for hotel payments. He noted that this setup has enabled individuals to use cards belonging to others. “This affects the system,” he said. “We are working to ensure access to dollars for all.”
He questioned the likelihood of a large number of Maldivians travelling to a single shop in Dubai within a short period for transactions, calling it the bank’s responsibility to prevent such practices. “There will be concerns when a card is blocked. However, the bank has a duty to act in such situations,” Shareef said.
The CEO also noted that net foreign currency inflows fell by USD 100 million over the past four months compared to the same period last year, and that demand for dollars through cards continues to exceed available supply. He said action would be taken in cases where the dollar limit is misused.
In December last year, the bank took action over misuse of a debit card issued by BML, with one individual accused of taking more than 100 cards overseas.
Alongside the new controls, BML announced the introduction of a student card for Maldivian students studying abroad, including those under 18 who may not have their own bank cards. Eligible students will have a monthly limit of up to USD 1,200. The bank also plans to introduce daily spending caps on selected e‑commerce platforms such as Temu and Shein, which will operate within a fixed daily foreign exchange budget.
Shareef reiterated that the bank remains focused on providing dollars for essential public needs and ensuring fairer distribution of foreign currency
