Bank Of Maldives Introduces Human ATM Machines

The leading local bank, Bank of Maldives, has extended its portfolio with additional 40 Cash Agents who act like ATM machines that allow depositing and withdrawal of cash. The bank has aimed to deliver its services across all 200 inhabited islands. With the newly joined Cash Agents the local bank, more commonly known as BML, now has over 200 Cash Agents.



Through Cash Agents you can withdraw upto MVR10,000 daily, make payment for loan or credit card. There is no additional charge for the services offered by Cash Agents.

The service was first introduced in 2014. While most of the Cash Agents are located in islands where bank does not have ATM or branch, there are islands that have both ATM as well as Cash Agents, in those islands the services offered by Cash Agents are more limited. It is literally a banking branch that does not come with a physical building.

The largest local bank now has branches in 38 islands located in 20 atolls. The bank operates 121 ATM machines in 58 self-service centres. Online banking with mobile application enables customers to do transfer of money instantly at any time. Bank of Maldives is the largest issuer of credit cards in the country, they offer Visa Cards, Master Cards and American Express.



Maintaining an ATM machine means expenses towards premises, electricity, maintenance and requirement of staff to replenish cash daily. The bank overcomes these unwanted expenditure by designating a person to acts like an ATM. It is unclear what are the benefits for Cash Agents, obviously they would not do the work voluntarily. It appears that most of these islands are small in population.



Some years back the bank used to operate a boat that travels to different islands to provide banking services, then it was called Mobile Banking, it was long before the age of mobile phone applications. Introduction of Cash Agents was a similar move, just another cost-effective method of expanding the banking services to remote locations and small populations. Simply ingenious!



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