Key to unlock and flourish small businesses in the Maldives
Small businesses and individual freelancing is huge chunk of any economy. In the Maldives I think there is still a lot of scope for development. Many businesses are stuck and waiting for this small but bold step in country's banking sector. I am talking about payment gateway to enable credit card payments to businesses and individuals.
There are some Maldivian websites having payment gateway provided by Bank of Maldives. I have heard it is quite costly to get this service. I think this needs a change, for the greater good of banks in terms of their revenue and the benefit for businesses and individuals.
Bank of Maldives currently allows transfer of cash from person to person within the bank. If you hold a BML account you could transfer cash to another BML customer. Thank you BML for this great service.
Now what we need is the service to transfer cash from credit/debit card to BML account online or via the mobile app. The webpage on bank website should have a field to enter account number. So, every account holder can receive card payments. I believe this will be the key to unlock unimaginable potential in people and economy that will transform businesses and lifestyle of the people.
Bank could charge a small fee (I would suggest 5%) and this will be a huge accumulated revue, just like that of physical card machines provided to shops and other businesses.
This will enable people to work online, from convenience of their homes. The growing guesthouse sector will take a drastic step up. This will be a service that transform the country.