SME Bank Receives License


Maldives
PUBLISHED March 03, 2019

SME Development Finance Corporation Pvt Ltd received the financing business license required to operate in the Maldivian finance industry, on the 28th of February, 2019.

The company is a 100% government owned firm. The shares are distributed among the city councils of Male, Addu, and Fuvamulah, where each council owns 5% of the shares.

National Bank, Maldives Monetary Authorty (MMA) states that, once the bank starts its operations, it will be very beneficial to the economy, as it will be able to give more medium and small business loans, and help increase the competition within the businesses to improve efficiency. 

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