Maldives Monetary Authority Grants Banking License to Development Bank of Maldives Limited

The Maldives Monetary Authority (MMA) has officially granted a banking license to the Development Bank of Maldives Limited, a fully government-owned entity. This pivotal move is set to enhance the nation’s financial sector by introducing long-term financing services, aimed at fostering economic growth in the Maldives.

According to the MMA, the establishment of the Development Bank of Maldives Limited is a significant step forward in providing long-term development loans and other financial services that will support the nation’s growing economy. The bank is expected to play a crucial role in financing key development projects across various sectors, such as infrastructure, tourism, and small to medium enterprises (SMEs).

The Development Bank of Maldives Limited is required to commence its banking operations by October 12, 2025. This one-year preparation window is intended to ensure that the necessary frameworks and regulations are in place for smooth operations. The MMA believes that the bank’s services will offer vital support to businesses and industries that are integral to the country's development.

"The launch of the Development Bank of Maldives Limited will provide essential long-term financing solutions that have been lacking in the current financial landscape," said an official from the MMA. "This will help drive the nation’s economic growth and open new avenues for investment and development."

The introduction of the new bank underscores the government’s commitment to expanding and developing the financial sector in the Maldives, in line with the broader goal of fostering sustainable economic growth and financial inclusion.