President Ibrahim Mohamed Solih on Wednesday night inaugurated the Masdhoani Account financial scheme, fulfilling a campaign pledge to include fishermen in the banking system.
“After listening to the complaints of fishermen, we pledged to open the Masdhoani account to enable fishermen to be part of the banking system, to be able to deposit and withdraw money while on their islands,” Solih said at a ceremony on the southern island of Villigili in Gaafu Alif atoll.
“Under this scheme, the payment will be immediately deposited to the account of the head fisherman or boat owner. Then the owners can use the digital wallet with the Masveriya card to transfer payment to the accounts of the fishermen.”
Set up by the Bank of Maldives in collaboration with the fisheries ministry, the scheme allows fishermen to make transactions through a unique card linked to a digital wallet.
“The captain and crew of the fishing vessel will receive a Masveriyaa card which can be used to collect payments and pay for expenses,” the Bank of Maldives explained.
“As part of the digital wallet, companies that purchase fish will receive a customized Bank of Maldives online portal through which payments can be made to fishing vessels, reducing the requirement for cash. Fishing vessels will be able to use the Card for the purchase of fuel and ice and to transfer payments to the vessel crew’s Masveriyaa Card. The Card can be used at all POS terminals, ATM and Cash Agents as well as for online transactions and international money transfer.”
President Solih called on fisheries companies to make use of the scheme to carry out financial transactions immediately after buying the catch from fishermen.
Introducing the scheme was a target of the Solih’s administration’s 100-day action plan.
“In what will also be welcome news to many, income received through the Masveriyaa Card will allow fishing captains and crew across Maldives to easily apply for the Bank’s loan products,” BML’s Deputy CEO and Director of Operations, Mohamed Shareef said at the launching ceremony.