Maldives Achieves Nationwide Banking Coverage to Drive 15% Digital GDP Target

The Maldives has achieved 100% self-service banking coverage across all 187 inhabited islands, marking a significant milestone for financial inclusion in one of the world’s most geographically fragmented nations. For fintech professionals, this infrastructure rollout signals a shift toward a digital-first economy where digital services are targeted to contribute 15 per cent of GDP by 2030.

What was announced

The Government of the Maldives has completed a nationwide rollout of financial and digital infrastructure under the "Dhivehinge Bank Mulhi Raajje Ah" initiative, which translates to "Maldivian Bank for the entire nation." This project involved the installation of Bank of Maldives ATMs on 105 islands across all 20 atolls during a nine-month period. As a result, every inhabited island in the country now hosts at least one Self-Service Banking Unit, allowing residents to deposit and withdraw money, transfer funds, and make credit-card or loan payments without traveling to the capital, Malé.

The network has been further bolstered by the launch of a new Bank of Maldives branch network across six islands and the inauguration of 90 additional ATMs. This expansion includes 70 machines dedicated to US-dollar transactions and 20 for Maldivian-rufiyaa, facilitating both local and foreign-currency banking. Beyond physical hardware, the government has integrated PayPal through Ooredoo Fintech, enabling customers to link PayPal accounts with the M-Faisaa digital wallet to receive international payments—a move specifically designed to support freelancers, SMEs, and the gig economy.

These developments are pillars of the "Vision 2040" roadmap and the "Maldives 2.0" digital transformation programme. The latter covers eight strategic areas, including digital identity, cybersecurity, and secure digital infrastructure. To support the business ecosystem, the government also detailed a USD 6.5 million start-up loan scheme for women-led businesses and a USD 65 million Youth Entrepreneur Financing Fund. Additionally, the Maldives Monetary Authority confirmed the settlement of a USD 500 million sukuk using official reserves and the Sovereign Development Fund.

"We are no longer confined by our geography."

President Muizzu at the PayPal inauguration.

The companies involved

Several major entities are driving this digital overhaul. The Bank of Maldives serves as the primary domestic financial institution, managing the extensive ATM and branch network that now spans the entire archipelago. As the leading bank in the country, its role is central to transitioning the population from cash-heavy island economies to integrated digital banking. Ooredoo Fintech, which operates the M-Faisaa platform, provides the critical mobile wallet infrastructure that now bridges Maldivian users with global payment systems like PayPal. PayPal’s involvement is a significant step for the region, as it provides local creators and small businesses with a standardized gateway to international markets.

On the infrastructure side, Google is a key partner through the Dhivaru submarine cable project, which is intended to provide the international digital connectivity required to sustain high-speed financial transactions. The Maldives Monetary Authority (MMA) functions as the nation's central bank and fiscal agent for the government. The MMA’s recent management of the USD 500 million sukuk—a Shariah-compliant financial certificate—demonstrates the country's efforts to maintain a stable financial position while funding its digital ambitions. Together, these organizations represent a mix of domestic policy-driven banking and global technology partnerships.

What this means

The Maldives’ achievement of universal banking access is a blueprint for other Small Island Developing States (SIDS) struggling with geographic isolation. By removing the physical necessity of traveling to a central hub for basic financial tasks, the government is effectively de-risking the local economy and inviting higher velocity in domestic trade. The integration of PayPal via Ooredoo Fintech is particularly disruptive, as it moves the needle for the Maldivian gig economy, which has historically been hampered by "inward-only" banking limitations. However, this rapid shift puts immense pressure on the nation’s cybersecurity framework. As the economy moves toward a 15 per cent digital GDP target, the primary industry question shifts from "access" to "resilience"—specifically whether the underlying Dhivaru cable and digital identity systems can withstand the scale of a fully digitized high-income nation.