Bank of Maldives and SME Digital Launch Youth Entrepreneurship Financing Facility to Boost Youth Business Ventures

In a bid to nurture the next generation of Maldivian business leaders, the Bank of Maldives (BML) and SME Digital have unveiled the Youth Entrepreneurship Financing (YEF) facility at the Youth Entrepreneurs Expo. 

The initiative, officially inaugurated by President Dr Mohamed Muizzu, offers unsecured loans of up to MVR 150,000 to Maldivians aged 18‑30 who wish to start or expand micro and small enterprises.

The YEF programme is positioned as a fast‑track, low‑barrier financing solution. Applicants need not provide collateral or equity, and loan decisions are delivered within 24 hours of submission. Successful borrowers benefit from a competitive annual interest rate of 7 percent and a flexible repayment schedule that extends up to five years, inclusive of a six‑month grace period before the first instalment is due.

Beyond capital, SME Digital will accompany recipients with practical business guidance, mentorship, and training modules designed to strengthen entrepreneurial skills and improve the likelihood of long‑term sustainability. The facility forms part of a broader MVR 1 billion financing scheme jointly backed by BML and SME Digital, aiming to scale financial inclusion and stimulate job creation across the archipelago.

Mohamed Shareef, CEO and Managing Director of Bank of Maldives, emphasised the strategic importance of the programme.

“We believe that supporting young entrepreneurs today is an investment in the future of the Maldives. Through this MVR 1 billion financing scheme with SME Digital, we are helping aspiring entrepreneurs transform their ideas into viable businesses while building the skills and capabilities required for long‑term success,” he said.

Badhurudheen Hassan, CEO and Managing Director of SME Digital, echoed similar sentiments, highlighting the speed and accessibility of the service.

“Through Youth Entrepreneurship Financing, we are providing approvals within 24 hours, a simple and seamless application process, and quick disbursements, enabling young entrepreneurs to turn their ideas into reality without delays. Together with the Bank of Maldives, we are making entrepreneurship more accessible and empowering the next generation to begin their business journey with confidence,” he explained. 

The Youth Entrepreneurship Financing facility is now open for applications via BML’s digital banking platforms and SME Digital’s online portal. With streamlined procedures, favourable terms, and comprehensive support services, the initiative aims to catalyze a wave of new micro and small enterprises, thereby strengthening economic resilience and creating pathways for employment throughout the Maldives.