Regulatory AlertsMaldives: lending & credit regulation
RestrictedLending restricted to licensed banks; non-bank lending unregulated
- Lead regulator
- Maldives Monetary Authority (MMA)
- Also involved
- —
- Core law
- Maldives Banking Act (2015)
- Entry capital
- —
- Approval timeline
- —
- Customer assets
- —
- Data protection
- —
- Sandbox
- —
The Maldives maintains a banking-centric credit market where lending activities are effectively restricted to licensed banks under the supervision of the Maldives Monetary Authority (MMA). The provided regulatory documents focus exclusively on prudential standards for banks, such as exposure limits and related-party transactions, rather than establishing a licensing framework for non-bank lenders, fintechs, or P2P platforms. Consequently, there is no clear statutory pathway for non-bank entities to enter the consumer or SME lending market, rendering the sector restricted for new entrants without a banking license.
Which licence do you need?
| Your activity | Requirement | Capital | Timeline | Authority |
|---|---|---|---|---|
| Consumer lending | Restricted[1] Only licensed banks permitted; no non-bank consumer lending license exists. | — | — | Maldives Monetary Authority |
| SME / commercial lending | Restricted[1] SME lending is a bank function; no separate commercial lending license. | — | — | Maldives Monetary Authority |
| Microfinance | Uncertain[2]verify with regulator Housing scheme exists, but microfinance licensing status is unclear. | — | — | — |
| Buy-now-pay-later | Uncertainverify with regulator No specific BNPL regulation identified in source documents. | — | — | — |
| P2P lending platform | Uncertainverify with regulator No P2P lending framework found; likely prohibited or unregulated. | — | — | — |
| Credit bureau / scoring | Uncertainverify with regulator No credit bureau or scoring regulation identified. | — | — | — |
| Debt collection | Uncertainverify with regulator No specific debt collection licensing regime identified. | — | — | — |
New — what changed recently
- 2025-11-04Regulation on Inclusive National Affordable Housing Scheme — MMA mandated local banks to contribute 10-15% of loan portfolios to a housing fund, expanding state-directed lending.[2]
- 2018-01-25Regulation on Limits on Loans to Related Persons — Capped loans to related persons at 15% of capital individually and 50% in aggregate to prevent imprudent lending.[3]
- 2015-08-25Regulation on Limits on Inter-Bank Exposures — Capped unsecured inter-bank exposures exceeding seven days at 30% of counterparty capital to limit systemic risk.[4]
- 2015-07-14Regulation on Single Borrower and Large Exposure Limits — Established caps on single borrower exposures at 15% of capital and borrowing groups at 40%.[5]
- 2015-01-05First Amendment to the Maldives Banking Act (2015) — Strengthened regulatory oversight and introduced strict limits on credit exposure to related parties.[1]
Market-entry checklist
- 1Secure banking license from MMANon-bank lending is restricted; you must become a licensed bank to legally originate loans.
- 2Meet capital base requirementsEnsure sufficient capital base to satisfy single borrower limits (15%) and related party caps.
- 3Implement related-party policiesEstablish board-approved policies for transactions with related persons as mandated by MMA regulations.
- 4Comply with housing scheme mandatesPrepare to contribute 10-15% of loan portfolios to the Inclusive National Affordable Housing Scheme.
- 5Adhere to inter-bank exposure capsLimit unsecured inter-bank exposures exceeding seven days to 30% of counterparty capital.
Sources
- First Amendment to the Maldives Banking Act (2015) · 2015-01-05
- Regulation on Inclusive National Affordable Housing Scheme · 2025-11-04
- Regulation on Limits on Loans to Related Persons · 2018-01-25
- Regulation on Limits on Inter-Bank Exposures · 2015-08-25
- Regulation on Single Borrower and Large Exposure Limits · 2015-07-14