MIB honored with MMA’s ‘Excellence in Financial Inclusion’ award

The Maldives Islamic Bank (MIB) has been honored with the ‘Excellence in Financial Inclusion’ award at the inaugural Maldives Financial Sector Awards, organized by the Maldives Monetary Authority (MMA), which recognizes institutions that have demonstrated an exceptional commitment to expanding access to financial services.

The awards ceremony, held on Wednesday night at Barceló Nasandhura in conjunction with MMA’s 45th anniversary, also saw Allied Insurance receive the same honor. The newly introduced award seeks to recognize institutions that have made significant contributions to extending financial services throughout the Maldives.

A key factor behind MIB’s recognition was the launch of its "ApplyNow" digital platform, which enables individuals and businesses to open bank accounts remotely from anywhere in the world. According to the bank, more than 88,000 customers have opened accounts through the platform to date, with 55 percent residing on islands where MIB does not maintain a physical branch.

Awards were presented across seven categories during the ceremony. The Bank of Maldives (BML) received the Green Finance award, while Fahipay was honored with the Digital Finance and Innovation award. Additionally, MMA recognized the service of 10 former Governors and Deputy Governors for their contributions to the central bank.

MMA stated that strengthening financial inclusion remains a key priority in the development of the country's financial sector. The Authority added that the awards are intended to encourage healthy competition among financial service providers, improve the quality of services available to the public, and support the Maldives' broader economic growth.