The Bank of Maldives (BML) is preparing to introduce a payment gateway service from November 1, allowing Maldivian small and medium-sized enterprises (SMEs) and producers to receive payments in US dollars from overseas customers for goods and services sold internationally.

According to BML, the initiative is being facilitated in collaboration with the Ministry of Economic Development, Transport and Trade and the Business Centre Corporation (BCC).

Under the new arrangement, SMEs selling goods and services in international markets will be able to receive payments in US dollars from customers abroad through BML’s payment gateway.

BML said preparations are underway to launch the service on November 1 in collaboration with the Ministry and BCC.

President Dr Mohamed Muizzu has also announced that, from November 1, Maldivian producers and small businesses selling goods and services internationally will be able to receive payments in US dollars through BML’s payment gateway.

Speaking at the Maldives Expo 2026 awards ceremony, the President highlighted the challenges faced by local producers and small businesses in receiving payments from overseas markets.

He said the Ministry of Economic Development, Transport and Trade, BCC and BML were working together to address these challenges.

Under the new arrangement, businesses will be able to receive US dollar payments through BML’s gateway from anywhere in the world.

The President also said that, starting November 1, the new arrangements would make it easier to use cards and remittance services to purchase goods and services from abroad and pay for business subscriptions.

President Muizzu said these improvements would create greater opportunities for existing SMEs and those planning to enter the sector, while removing barriers to increasing their income.

He added that the government aims to make it easier for more Maldivians to establish their own businesses and achieve greater financial independence.