Maldives small businesses to start taking payments in US dollars from 1 November
Small businesses in the Maldives were due to start receiving payments from overseas customers in US dollars from Sunday, 1 November, through the Bank of Maldives (BML) payment gateway. The bank said it had finalised arrangements for the service, which is aimed at micro, small and medium enterprises that sell goods and services abroad.
Under the plan, a business selling to a customer in another country will be able to accept the payment through the gateway and receive the money in US dollars. The dollars received can then be used to pay for goods and services bought from abroad, by card or through remittances. President Mohamed Muizzu first announced the move at the Maldives Expo 2026 awards ceremony in Malé on Saturday, 24 October.
BML is running the service with the Ministry of Economic Development, Transport and Trade and the Business Center Corporation, which supports small businesses. The bank has not yet published details on which businesses qualify, any limits or charges, or how to sign up.
Why it matters
Many small Maldivian businesses — from online sellers and designers to makers of local products — have found it hard to get paid by customers abroad, which has held back their ability to sell beyond the islands. The change comes as US dollars are tight in the country: official reserves fell to US$547.8 million at the end of September, and BML has capped dollar cash withdrawals from its ATMs at US$3,500 a month per customer since 1 October.
What happens next
Businesses will be watching for BML to publish the sign-up process and the rules on who qualifies. President Muizzu also announced further help for small firms from 1 January 2027, including a higher GST registration threshold — up from MVR1 million to MVR1.5 million in yearly turnover — and a three-year tax-free zone for small businesses in Addu City. He said the law changes needed for these measures were still under way.
This article is for general information and education only. It is not legal or financial advice.
Sources
- https://mbr.mv/story/26-10-2026-1135-bml-finalises-msme-international-payment-gateway-ahead-of-1-november-launch (MBR, 26 October 2026)
- https://standard.mv/bml-to-facilitate-overseas-payments-for-small-businesses-starting-november/ (The Standard Maldives, 25 October 2026)
- https://maldivestoday.com/business/sme-dollar-payments-gst-threshold-addu-tax-free-zone (Maldives Today, 28 October 2026)
