More than 3,000 young Maldivians have received a combined USD 19.5 million in financing through the first phase of a youth entrepreneurship programme introduced by Bank of Maldives (BML) in partnership with SME Digital.
The Youth Entrepreneurship Financing facility was launched to make it easier for young Maldivians to access funding to start or expand micro and small businesses.
The programme is available to individuals between 18 and 30 years old, offering collateral-free financing of up to approximately USD 9,727 without requiring an equity contribution.
BML CEO and Managing Director Mohamed Shareef said the strong demand for the facility reflects the growing interest among young Maldivians in entrepreneurship.
“We are proud to support aspiring entrepreneurs as they turn their ideas into viable businesses and develop the skills and capabilities needed to build sustainable enterprises and achieve long-term success,” he said.
SME Digital CEO Badhurudheen Hassan said the first phase has opened up new opportunities for young people to establish and grow their businesses, adding that further opportunities are expected to be introduced in the next phase.
The programme also includes non-financial assistance. SME Digital has partnered with Business Center Corporation to provide beneficiaries with mentorship, business training and support in formalising their businesses.
The coming weeks will focus on delivering these services to entrepreneurs who received financing during the first phase.
The programme is being rolled out in phases to ensure beneficiaries receive the necessary support before the next round begins. Applications for the second phase are scheduled to open on November 1, 2026.
BML and SME Digital said they will continue working to improve access to financing, support entrepreneurship and create more economic opportunities for young Maldivians.
