President Dr Mohamed Muizzu has launched the Youth Entrepreneurship Financing Facility, a scheme designed to help young Maldivians secure the capital needed to start their own businesses.
The facility was introduced on Sunday morning at the opening ceremony of the Youth Entrepreneurs Expo 2026, held at Barceló Nasandhura. It was developed jointly by the Bank of Maldives and SME Digital Private Limited.
Under the scheme, applicants aged between 18 and 30 can access financing of up to MVR 150,000 without providing collateral or equity. The removal of those requirements addresses one of the most persistent barriers facing first-time business owners, who often hold viable ideas but lack the assets banks traditionally demand as security. The facility is aimed at aspiring entrepreneurs and freelancers seeking to establish or expand small and medium-sized enterprises.
Banking Access Expands Across the Atolls
At the same ceremony, the President inaugurated seven new Bank of Maldives branches, located in HA. Hoarafushi, Sh. Kanditheemu, R. Alifushi, Lh. Hinnavaru, ADh. Maamigili, GA. Gemanafushi and L. Maavah.
The additions bring the bank’s network to 55 branches spanning all 20 atolls. Seventeen of those branches have opened in the past two years, part of a sustained push to extend formal banking services to island communities that have long relied on travel to regional hubs for basic transactions.
The ceremony also marked the launch of international account opening through Swipe, a Maldivian-developed digital platform. Introduced by BML Chairperson Ahmed Ali Habeeb, the service allows customers to open accounts denominated in US dollars, Pound Sterling and Euros.
A Digital Economy Target
Speaking at the event, the President reaffirmed the Administration’s objective of raising the digital economy’s contribution to 15 per cent of the Maldives’ Gross Domestic Product by 2030. He said young people would play a central role in reaching that target.
The initiatives form part of a broader government agenda focused on youth empowerment and economic diversification, priorities that have gained urgency as the Maldives seeks to reduce its dependence on tourism.
