Bank of Maldives, formed in 1982 and the only indigenous bank in the Maldives, has completed the initial phases of a multi-million US$ investment program involving the implementation of Midas-Kapiti International’s (MKI) Equation DBA universal banking platform.
Bank of Maldives provides banking facilities through 13 branches, 4 of which are in Male and a further 9 spread across the atolls of the Maldives, a country of over 1,000 small islands stretching across 827 kilometres. Clearly, in a country with such a physical geography, communications is a key issue. Bank of Maldives has invested heavily in a network using a combination of technologies including copper wire, fibre optic, microwave and satellite.
To support a wide range of retail and corporate banking services, including development finance, Bank of Maldives has implemented Equation DBA, MKI’s universal banking platform, in conjunction with the company’s integrated Retail Connection branch automation system.
Mohamed Ahmed, Bank of Maldives’ Assistant General Manager, comments, "We chose Equation because of its spread and depth of banking coverage and its reliability. We are able to offer 24-hour service through our ATM network and our Airport Branch, and will soon be extending this to include Telephone Banking. The facilities offered by Equation and Retail Connection have allowed us to deliver ‘anywhere banking’ combined with faster and more accurate service and the ability to introduce new products quickly in response to customer demand. This has resulted in a significant growth of our business, allowing us to gain customers from foreign competitors here in Male. Retail Connection’s design has also allowed us to continue to provide a high level of service even in the event of communications failure, which is particularly important in the remote atolls."
In the second phase of implementation, early in 2001, Bank of Maldives will be extending the applications already installed. Mohamed Ahmed continues, "We are building on the sound foundation currently in place and will be implementing MKI’s Trade Innovation DBA trade finance system and the company’s new Retail Lending application. We will also be integrating a new Credit Card system with the Equation DBA platform."
Alan Prior, MKI’s General Manager for the Middle East and South Asia, adds, "We are pleased to be working with the management team at the Bank of Maldives which has displayed tremendous vision. The combination of the reliability of both Equation DBA and the underlying IBM AS/400 technology has allowed the Bank to move forward confidently with its ongoing investment plans"