Bank of Maldives Announces Startup Grant 2024 Winners

Bank of Maldives (BML) has announced the winners of its Startup Grant 2024, awarding two aspiring entrepreneurs MVR 500,000 each to launch and grow their businesses. This initiative is part of BML’s commitment to fostering innovation and entrepreneurship in the Maldives.

The winners of this year’s Startup Grant are:

1. Niyaf Mohamed – The Island Factory: A venture aimed at transforming the Maldivian fish products industry by producing high-quality, innovative snacks.

2. Mohamed Shamin Ali – After School: A project dedicated to creating locally designed and assembled STEM kits and offering training programs tailored for young learners.

The selection process for the grant involved two rigorous stages. Initially, business plans were evaluated, with the 10 most promising ideas shortlisted. In the final stage, these candidates presented their business concepts to an evaluation committee, which identified the top two ideas deserving of the grant.

This marks the third consecutive year that BML has supported entrepreneurs through the Startup Grant initiative, demonstrating its commitment to nurturing the entrepreneurial ecosystem in the Maldives.