Bank of Maldives: Difference between revisions
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location = [[Malé]], [[Maldives]] (Main branch)| |
location = [[Malé]], [[Maldives]] (Main branch)| |
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key_people = Andrew Healy (CEO and Managing Director),| |
key_people = Andrew Healy (CEO and Managing Director),| |
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num_employees = |
num_employees = 839 |
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industry = [[Financial services]] | |
industry = [[Financial services]] | |
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products = [[Financial Services]]| |
products = [[Financial Services]]| |
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homepage = [http://www.bankofmaldives.com.mv www.bankofmaldives.com.mv]| |
homepage = [http://www.bankofmaldives.com.mv www.bankofmaldives.com.mv]| |
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Net Profit = {{profit}} MVR 667 Million (2013)| |
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}} |
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'''Bank of Maldives''' ( |
'''Bank of Maldives''' (BML) [http://www.maldivesstockexchange.com.mv/plc.php?cid=BML]''') is the [[national bank|national]] (and the leading) [[bank]] of the [[Maldives]], established on November 11, 1982. The main business of the Bank is [[retail banking]], in addition to handling [[Economic development|development]] banking activities in [[Atolls of the Maldives|all the atolls]]. Their services include [[Electronic banking]], loan facilities, [[credit card]]s and [[Debit card]]s. |
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Presently the Bank of Maldives Plc has |
Presently the Bank of Maldives Plc has 27 branches. Four out of 27 branches are in Male, the capital, 01 in Ibrahim Nasir International Airport (Hulhule' Island) and 01 each in both Villingili ward and Hulhumale'. Despite the geographical disadvantages, BML has established its branch presence in almost all atolls of the country and provides basic banking services to other islands without a bank presence through means such as cash withdrawal service etc via POS Banking and Dhoni Banking etc. |
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BML also has the largest ATM and POS network in the country with its 68 ATMs and 4000+ POS terminals scattered all over Maldives including 25 Self-Service ATMs which offers withdrawals, deposits, transfers, payment options etc. |
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Its operation began as a [[joint venture]] [[company (law)|company]] of the Government of the Maldives and [[International Finance Investment Company]], IFIC. Until December 31, 1992, the Bank was managed by IFIC Bank Limited. |
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During 2013 BML won two elite awards and received acclaim for BML’s corporate website. BML also uses social media networking as a marketing tool and customer service point-of-contact. |
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During the tenth year of the Bank, the Government of Maldives decided not to renew the Management [[Contract]] with IFIC. IFIC Bank was requested, by the Maldivian government, to reduce the [[shareholder|shareholding]] and also the number of representatives in the Board. Consequently IFIC decided to dispose of its entire [[shares]] and terminate its relations with the Bank with the expiry of the Management Contract on December 31, 1992. |
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On November 14, 1992, the Maldivian government purchased 40% of the shares held by IFIC Bank Ltd. As a result, 80% of the share capital was owned by the Government, while the remaining 20% of the share capital was sold equally to the [[State Trading Organization]] and [[Maldives Transport and Contracting Company]] respectively. |
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Bank of Maldives Plc was inaugurated on November 11, 1982 and started commercial operation as a joint venture bank with 60% shares held by the Government of the Maldives (including its Agencies and Maldivian Companies) and 40% shares owned by International Finance Investment Company Limited (later IFIC Bank Limited), Dhaka, Bangladesh |
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In December 1992, the Government decided to sell the Bank's shares to the general public. With this decision, Bank of Maldives became a public company on January 1, 1993. It is now owned by the people and the Government of the Maldives. |
In December 1992, the Government decided to sell the Bank's shares to the general public. With this decision, Bank of Maldives became a public company on January 1, 1993. It is now owned by the people and the Government of the Maldives. |
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=='''Three Strategic Pillars'''== |
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Based on the customer feedback and situation, CEO Andrew Healy in 2014 formulated three strategic pillars for BML to focus on: financial inclusion, Customer Service and Support for businesses. |
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Under these strategic pillars, BML made several changes to improve its services such as free ATM withdrawals and transfers, free inter-branch transfers, availability of VISA Debit Card to all Maldivians with Rufiyaa accounts, allocated additional resources for 24-hr Call Centre, recruited additional staff for branches, assigned floor manages to assist customers, recruited relationship managers and a separate unit, Business Banking Unit, dedicated for small and medium-sized businesses (SME), same-day availability of Bank Guarantees and so on. |
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=='''POS Banking Services'''== |
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Under Financial Inclusion pillar, Bank of Maldives made the commitment to provide basic banking services to all inhabited islands without a BML presence by 2017 and introduced POS banking Services through an agent network. Customers in most of the inhabited islands had to previously spend a lot to travel to the nearest branch by boat to do their banking or wait for the Dhoni Banking service which is provided once a month. With POS Banking Services, customers now simply had to conveniently visit the nearest BML POS agent in their respective island and withdraw cash using their BML Debit Card. Of the 200 inhabited islands, BML has so far provided POS Banking services to 58 inhabited islands and set up branches 27 branches in 18 out of 20 Atolls. |
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=='''Dhoni Banking Services'''== |
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Dhoni Banking is a unique concept introduced by Bank of Maldives to provide basic banking services to inhabited islands without a branch presence. It is not feasible financially or logistically to open a branch in every island due to the scattered nature of the population and islands. Rain or shine, BML’s dedicated and portable teams visit nearby islands every month via dhoni (boat/launch) to provide banking solutions to the islanders as well as hand-deliver pension and disability cheques to the elderly and disabled. |
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Bank of Maldives' Dhoni Banking Service received the "Outstanding Community Initiative" award in the CSR category of the Global Business Excellence Award in 2013. |
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=='''BML Lite'''== |
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The introduction of BML Lite was a first in the Maldives; where BML presented an enhanced and brand-new banking experience targeted towards personal customers that require low-value transactions. This would also mean that the remaining branches are freer to service customers who make high-value transactions, corporate clients and so forth. |
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in 2013, BML Lite received the prestigious Financial World Innovation Award for “Excellence in customer experience - Services” category by beating well-known international financial institutions such as UK’s Barclays and TEB(BNP Paribus JV). |
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=='''Self-Service Banking'''== |
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Bank of Maldives is also the first to introduce the concept of Self-Service Banking in Maldives via its ATMs and Internet Banking services and also US Dollar withdrawals and deposits via ATMs; a significant milestone for the Bank as customers will not need to queue in branches for these services and they can now do their banking 24/7. As well as obtaining cash, customers can now deposit cash and cheques, make payments, transfers, utility bills at these ATMs at any time of day. |
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“Long queues are a big problem in all banks in Maldives today, including in BML. Going to the bank can take hours and we want to change that. In banks in other countries, more than 60% of all transactions are carried out quickly through self-service channels such as ATMs and internet banking. And if customers do need to visit a branch, they are normally in and out within 10 or 15 minutes. We want to match those international standards. It will take time but we are determined to get there. These excellent new services launched in Male’ today will be rolled out to major inhabited islands next year,” said CEO and Managing Director Andrew Healy. |
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=='''Islamic Banking'''== |
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Bank of Maldives launched Islamic Banking Services under the name ''BML Islamic'' on 22nd January 2015. |
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BML Islamic offers Wadiah Deposit Account services for personal banking customers and will be launching the services for business customers. |
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Islamic Banking Services is provided through the Bank's existing network of branches, ATMs and card machines and is fully Shari’ah-compliant, with Islamic accounts and funds fully segregated from the rest of the Bank’s services. |
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BML’s CEO and Managing Director Andrew Healy said, “This is a big and proud day for our Bank. Today we start to provide alternatives to those who wish to strictly follow Islamic principles in their banking. We look forward to rolling out a broad range of products and services – for both personal and business customers – over the next two years.” |
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=='''Corporate Social Responsibility'''== |
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Bank of Maldives believes in contributing to the community and thus encourages staff volunteerism as well as participate in numerous CSR endeavours. Most notably, the Bank managed the Gaza Fund during the Help Gaza Telethon and contributed to distribution of water and collection of funds during the Water Crisis in 2014. The Bank also sponsor and donate to several community activities. |
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==References== |
==References== |
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{{Reflist|2}} |
{{Reflist|2}} |
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1. [http://www.bankofmaldives.com.mv/news-media/news-centre Bank of Maldives News Centre] |
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2. [http://www.bankofmaldives.com.mv/news-media/press-release Bank of Maldives Press Releases] |
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3. [http://www.sun.mv/english/search/bml www.sun.mv/english/search/bml] |
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4. [http://www.haveeru.com.mv www.haveeru.com.mv] |
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5. [http://www.cnm.mv www.cnm.mv] |
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6. [http://www.vnews.mv www.vnews.mv] |
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7. [https://www.facebook.com/bankofmaldives Bank of Maldives Facebook] |
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8. [https://twitter.com/bankofmaldives Bank of Maldives Twitter] |
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9. [https://plus.google.com/u/0/b/117473628056016946219/+bankofmaldives/posts/p/pub Google Plus Bank of Maldives] |
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==External links== |
==External links== |
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Revision as of 06:37, 17 March 2015
| File:BML Logo 2010.svg | |
| Company type | Public |
|---|---|
| Founded | Malé, Maldives (1982) |
| Headquarters | Malé, Maldives (Main branch) |
Key people | Andrew Healy (CEO and Managing Director), |
| Products | Financial Services |
Number of employees | 839 industry = Financial services |
| Website | www.bankofmaldives.com.mv |
</ref>
Bank of Maldives (BML) [1]) is the national (and the leading) bank of the Maldives, established on November 11, 1982. The main business of the Bank is retail banking, in addition to handling development banking activities in all the atolls. Their services include Electronic banking, loan facilities, credit cards and Debit cards.
Presently the Bank of Maldives Plc has 27 branches. Four out of 27 branches are in Male, the capital, 01 in Ibrahim Nasir International Airport (Hulhule' Island) and 01 each in both Villingili ward and Hulhumale'. Despite the geographical disadvantages, BML has established its branch presence in almost all atolls of the country and provides basic banking services to other islands without a bank presence through means such as cash withdrawal service etc via POS Banking and Dhoni Banking etc.
BML also has the largest ATM and POS network in the country with its 68 ATMs and 4000+ POS terminals scattered all over Maldives including 25 Self-Service ATMs which offers withdrawals, deposits, transfers, payment options etc.
During 2013 BML won two elite awards and received acclaim for BML’s corporate website. BML also uses social media networking as a marketing tool and customer service point-of-contact.
History
Bank of Maldives Plc was inaugurated on November 11, 1982 and started commercial operation as a joint venture bank with 60% shares held by the Government of the Maldives (including its Agencies and Maldivian Companies) and 40% shares owned by International Finance Investment Company Limited (later IFIC Bank Limited), Dhaka, Bangladesh
In December 1992, the Government decided to sell the Bank's shares to the general public. With this decision, Bank of Maldives became a public company on January 1, 1993. It is now owned by the people and the Government of the Maldives.
Three Strategic Pillars
Based on the customer feedback and situation, CEO Andrew Healy in 2014 formulated three strategic pillars for BML to focus on: financial inclusion, Customer Service and Support for businesses.
Under these strategic pillars, BML made several changes to improve its services such as free ATM withdrawals and transfers, free inter-branch transfers, availability of VISA Debit Card to all Maldivians with Rufiyaa accounts, allocated additional resources for 24-hr Call Centre, recruited additional staff for branches, assigned floor manages to assist customers, recruited relationship managers and a separate unit, Business Banking Unit, dedicated for small and medium-sized businesses (SME), same-day availability of Bank Guarantees and so on.
POS Banking Services
Under Financial Inclusion pillar, Bank of Maldives made the commitment to provide basic banking services to all inhabited islands without a BML presence by 2017 and introduced POS banking Services through an agent network. Customers in most of the inhabited islands had to previously spend a lot to travel to the nearest branch by boat to do their banking or wait for the Dhoni Banking service which is provided once a month. With POS Banking Services, customers now simply had to conveniently visit the nearest BML POS agent in their respective island and withdraw cash using their BML Debit Card. Of the 200 inhabited islands, BML has so far provided POS Banking services to 58 inhabited islands and set up branches 27 branches in 18 out of 20 Atolls.
Dhoni Banking Services
Dhoni Banking is a unique concept introduced by Bank of Maldives to provide basic banking services to inhabited islands without a branch presence. It is not feasible financially or logistically to open a branch in every island due to the scattered nature of the population and islands. Rain or shine, BML’s dedicated and portable teams visit nearby islands every month via dhoni (boat/launch) to provide banking solutions to the islanders as well as hand-deliver pension and disability cheques to the elderly and disabled.
Bank of Maldives' Dhoni Banking Service received the "Outstanding Community Initiative" award in the CSR category of the Global Business Excellence Award in 2013.
BML Lite
The introduction of BML Lite was a first in the Maldives; where BML presented an enhanced and brand-new banking experience targeted towards personal customers that require low-value transactions. This would also mean that the remaining branches are freer to service customers who make high-value transactions, corporate clients and so forth.
in 2013, BML Lite received the prestigious Financial World Innovation Award for “Excellence in customer experience - Services” category by beating well-known international financial institutions such as UK’s Barclays and TEB(BNP Paribus JV).
Self-Service Banking
Bank of Maldives is also the first to introduce the concept of Self-Service Banking in Maldives via its ATMs and Internet Banking services and also US Dollar withdrawals and deposits via ATMs; a significant milestone for the Bank as customers will not need to queue in branches for these services and they can now do their banking 24/7. As well as obtaining cash, customers can now deposit cash and cheques, make payments, transfers, utility bills at these ATMs at any time of day.
“Long queues are a big problem in all banks in Maldives today, including in BML. Going to the bank can take hours and we want to change that. In banks in other countries, more than 60% of all transactions are carried out quickly through self-service channels such as ATMs and internet banking. And if customers do need to visit a branch, they are normally in and out within 10 or 15 minutes. We want to match those international standards. It will take time but we are determined to get there. These excellent new services launched in Male’ today will be rolled out to major inhabited islands next year,” said CEO and Managing Director Andrew Healy.
Islamic Banking
Bank of Maldives launched Islamic Banking Services under the name BML Islamic on 22nd January 2015.
BML Islamic offers Wadiah Deposit Account services for personal banking customers and will be launching the services for business customers.
Islamic Banking Services is provided through the Bank's existing network of branches, ATMs and card machines and is fully Shari’ah-compliant, with Islamic accounts and funds fully segregated from the rest of the Bank’s services.
BML’s CEO and Managing Director Andrew Healy said, “This is a big and proud day for our Bank. Today we start to provide alternatives to those who wish to strictly follow Islamic principles in their banking. We look forward to rolling out a broad range of products and services – for both personal and business customers – over the next two years.”
Corporate Social Responsibility
Bank of Maldives believes in contributing to the community and thus encourages staff volunteerism as well as participate in numerous CSR endeavours. Most notably, the Bank managed the Gaza Fund during the Help Gaza Telethon and contributed to distribution of water and collection of funds during the Water Crisis in 2014. The Bank also sponsor and donate to several community activities.
References
1. Bank of Maldives News Centre 2. Bank of Maldives Press Releases 3. www.sun.mv/english/search/bml 4. www.haveeru.com.mv 5. www.cnm.mv 6. www.vnews.mv 7. Bank of Maldives Facebook 8. Bank of Maldives Twitter 9. Google Plus Bank of Maldives
External links
- http://www.bankofmaldives.com.mv -- Official website
- http://ebanking.bankofmaldives.com.mv -- Maldives Internet Banking