On 5^th December 2021, the CEO and Managing Director of BML Tim Sawyer sent a mass email to all his customers. In the letter signed by the CEO, he apologized for the interruptions to their services since 21^st November 2021. Fast forward two weeks and the national bank is largely silent on what exactly had happened.

With total assets worth MVR 31.4 billion, Bank of Maldives is the de facto national bank, owned by the SOE’s and the general public. The company has grown exponentially since its formation. However, the bank continues to ignore public concerns on its operations. As the national bank, the vast majority of the population have little to no choice in using BML. This is especially evident in the other atolls where other bankers have minimal presence.

The “interruptions” mentioned by BML’s CEO and MD Tim Sawyer seems to go beyond the traditional definitions of an interruption. The “interruptions’ mentioned by the CEO is defined by the general public as more akin to malfunctioning. The public concerns have been pouring out as many call out of missing funds, single transactions being charged multiple times resulting in massive losses. Others have warned the public to withdraw all their savings from the bank as the massing funds may never be returned.

These sentiments are in part fueled due to the BML’s history of being unaccountable to their actions and services. This is in part due to the lack of competition and BML’s absolute dominance in the industry.

One individual who spoke to MNN stated that his current account was in negative balance at -4,112.82. In principle, unlike a personal account a current account cannot be deducted anything more than what is deposited into the account. This sheds some light into just how serious of an issue the bankis facing right now.

Another customer took to twitter to complain on how MVR5,000.00 went missing after he deposited money to send to a relative in Colombo. He also posted screenshots of his call with BML’s customer service in which he had to wait over 42 minutes and 40 seconds at the 1^st position in the queue.

When you really need your @bankofmaldives, they now how to push you to limit…deposited 5K through HM branch ATM for desperate money needed to cousin in Colombo, don’t know where the money gone. Could you help me to locate as this is URGENT waited on the call for 20 minutes.

— Noor (@mn519) December 6, 2021

Another customer complained that he had been attempting to meet a senior staff of the bank in relation to a $270 which was deducted without his knowledge or approval. He Stated it has been 3 weeks since the deduction was made.

އަޅުގަނޑުގެން ކާޑުން ނުކަޑަން ޖެހޭ 270 ޑޮލަރު ކަނޑާފައި ވާތީ 3 ހަފުތާ ވެގެން ދިޔައިރު ހައްލެން ނުލިބިގެން @bankofmaldives މެނޭޖަރަކާ ބައްދަލް ކުރަން އުޅޭތާ ހަފުތާއެކައް ވުރެ ގިނަދުވަސް ވެއްޖެ މައްސަލައައް މަހެއް ވީ އިރު ވާނުވާ ނޭނގި މިހުރީ.

— JERRY (@sodig111) December 7, 2021

While some have resorted to memes to criticize the bank’s failure, others have resorted to legal action as this one customer who stated that he would take legal action against the back if his transactions worth MVR 9,700.00 and MVR 1,120.00 was not refunded.

Dear @bankofmaldives,

There is no reason for me to join a call with the vendors. Please reverse the funds of MVR 9,700 + MVR 1,120 by 9th December 2021 or else I’ll proceed to take legal actions against your company.

Date of complaint 28th & 29th Nov 2021.

Thank you

— Shiaan Mohamed (@shiaans) December 6, 2021

Similar complaints have taken over the local Twitter sphere where BML’s critical failure has been criticized to a high degree. BML’s dominance over the industry means that the public has very little choice in seeking alternative banking partners. However, this dependency should not pave way for the bank to be “untouchable”.  BML needs to be held answerable, its customers and shareholders cannot be simply left in the dark as the bank scrambles to “fix” itself.