The Maldives Monetary Authority established the Maldives Financial Sector Awards to recognise the institutions, programmes and people advancing a resilient, inclusive and future-ready financial system.
The Maldives Monetary Authority introduced the Maldives Financial Sector Awards to recognize excellence, innovation, and measurable impact among regulated financial institutions in the Maldives. The Awards aim to highlight outstanding performance and leadership, while promoting a culture of healthy competition and continuous improvement across the sector. This initiative also reflects MMA’s commitment to fostering a resilient, inclusive, and future-ready financial sector that supports national development and enhances the financial well-being of all Maldivians.
Aligned with MMA's commitment to strengthen the financial system, the Awards advance national priorities such as financial inclusion, digital transformation and sustainable finance — and set a benchmark that inspires institutions to innovate and evolve.
Categories
7
Nominations Received
36
Institutions
13
The Design
Inspired by Hirigaa
The design of the Maldives Financial Sector Awards trophy draws inspiration from one of the nation's most distinctive cultural art forms — Hirigaa, the traditional craft of carving coral stone into intricate geometric patterns.
Featured within the transparent window of the Maldives 500 Rufiyaa banknote, this iconic design has been reimagined as the centerpiece of the award. Rooted in heritage yet reflective of progress, it symbolizes resilience, excellence, and the enduring strength of the Maldivian financial sector.
The trophy's carved fretwork echoes the Hirigaa pattern set in the transparent window of the Maldives 500 Rufiyaa banknote.
Award Categories
Award Winners
Each of the six open-nomination categories is judged against a common rubric. Awards are reserved where standards are unmet. Select a winner to read the judging panel’s citation.
Excellence in Financial Inclusion
Winner (Banks)Maldives Islamic Bank
Excellence in Financial Inclusion
Winner (Non-Banks)Allied Insurance Company of the Maldives
Excellence in Digital Finance and Innovation
WinnerBank of Maldives
Excellence in Green and Sustainable Finance
WinnerBank of Maldives
Excellence in Emerging Financial Innovation
WinnerFahiPay
Excellence in Financial Literacy and Consumer Empowerment
Not awardedNo winner this year
Excellence in SMEs Finance
Not awardedNo winner this year
The Judging Panel
The 2026 judging panel in session
Photo 1 of 3
Mr. Ibrahim NaeemFormer Auditor General, Auditor General's Office
Mr. Hamdun A. HameedFormer Minister for Planning and National Development
Ms. Aishath ZahiraFormer Deputy Governor, MMA
Ms. Neeza ImadFormer Minister of State for Economic Development
Ms. Mariyam VisamFormer Registrar of Companies, Registrar of Companies
Ms. Rugiyya IbrahimDeputy CEO & CRO, State Bank of India
Mr. Moosa NimalChief Business Officer, Bank of Maldives
Selection Process
All open-nomination entries are evaluated using a 100-point scoring rubric by an independent judging panel comprising external sector experts. The honorary award is determined through a separate, confidential process led by the judging panel.
The judging panel is appointed by the MMA and includes external experts from the financial sector and other relevant fields.
Assessment Criteria
The nominations received were evaluated based on the rubric under the Assessment Criteria.
Category 01Excellence in Financial Inclusion
100points
Category 02Excellence in Financial Literacy and Consumer Empowerment
100points
Category 03Excellence in Digital Finance and Innovation
100points
Category 04Excellence in SMEs Finance
100points
Category 05Excellence in Green and Sustainable Finance
100points
Category 06Excellence in Emerging Financial Innovation
100points
Call for Nominations
Submission Deadline
Evaluation & Selection
Award Ceremony
Category 01 · Open Nomination
Excellence in Financial Inclusion
This award is presented to recognize outstanding efforts that improve access to financial services, remove barriers to participation, and expand meaningful inclusion for underserved individuals, communities, or market segments in the Maldives.
Entry route
Open Nomination
Group
Institutions, Programs, Initiatives or Products
Target
Open to all institutions
Entry criteria & guidance
Entries may include inclusion-focused products or services, branchless or digital access models, outreach to underserved communities, and programs focused on women, youth, islands, or low-access customer segments.
The entry must identify the inclusion challenge addressed, the target group, the solution delivered, and the measurable outcomes achieved during the eligibility period.
The nomination should explain why the work is relevant to the Maldivian context and provide evidence of reach, accessibility, usage, or behavioral change.
Category 02 · Open Nomination
Excellence in Financial Literacy and Consumer Empowerment
This award is presented to recognize initiatives that improve financial understanding, decision-making, confidence, and consumer capability among individuals, households, students, workers, or specific target groups.
Entry route
Open Nomination
Group
Institutions, Programs, Initiatives or Products
Target
Open to all institutions
Entry criteria & guidance
Entries may include public education campaigns, school or youth programs, digital literacy tools, consumer awareness initiatives, or programs covering savings, borrowing, budgeting, digital payments, fraud awareness, or financial rights.
The entry must demonstrate the target audience, the literacy or empowerment gap addressed, the method used, and the outcomes achieved.
The nomination should clearly distinguish between simple awareness activity and evidence of actual learning, behavioral change, or consumer empowerment.
Category 03 · Open Nomination
Excellence in Digital Finance and Innovation
This award is presented to recognize excellence in the use of digital technology, innovation, and service redesign to improve financial services, customer experience, efficiency, access, or market development.
Entry route
Open Nomination
Group
Institutions, Programs, Initiatives or Products
Target
Open to all institutions
Entry criteria & guidance
Entries may include digital platforms or applications, digital onboarding solutions, payment or wallet innovations, automation or process redesign, customer experience innovations, or technology-enabled service delivery improvements.
The entry must show the challenge or opportunity addressed, the digital or innovative solution introduced, how it improved performance, access, or experience, and the measurable results achieved.
The submission should explain the real user or market value created rather than focusing only on technology features.
Category 04 · Open Nomination
Excellence in SMEs Finance
This award is presented to recognize institutions, products, or programs that have significantly improved access to finance, support, tools, or financial solutions for SMEs in the Maldives.
Entry route
Open Nomination
Group
Institutions, Programs, Initiatives or Products
Target
Open to all institutions
Entry criteria & guidance
Entries may include SME loan or financing products, advisory or support programs, SME-focused digital solutions, guarantee or partnership models, and initiatives supporting business resilience, growth, or formalization.
The entry must demonstrate the SME segment targeted, the financing or support gap addressed, the solution delivered, and measurable business or customer outcomes.
The nomination should show practical value to SMEs rather than simply listing product availability.
Category 05 · Open Nomination
Excellence in Green and Sustainable Finance
This award is presented to recognize efforts that promote environmentally responsible, climate-aware, resilient, or sustainability-linked financial practices, products, or programs.
Entry route
Open Nomination
Group
Institutions, Programs, Initiatives or Products
Target
Open to all institutions
Entry criteria & guidance
Entries may include green financing products, climate adaptation or resilience-linked finance, sustainability-focused lending or investment, environmental risk or sustainable finance frameworks, and initiatives supporting renewable energy, resource efficiency, island resilience, or responsible finance.
The entry must show the sustainability issue or opportunity addressed, the financial mechanism or program used, the environmental or sustainability relevance, and measurable results or contribution.
The nomination should demonstrate substance and real contribution, not just sustainability branding or optics.
Category 06 · Open Nomination
Excellence in Emerging Financial Innovation
This award is presented to recognize promising emerging players or early-stage innovations that show strong potential to improve financial services, solve sector problems, or reshape the market.
Entry route
Open Nomination
Group
Institutions, Programs, Initiatives or Products
Target
Open to emerging financial institutions, fintechs, or new market entrants
Entry criteria & guidance
Entries may include fintech products or platforms, new entrants with innovative propositions, pilot programs, early-stage digital or market innovations, or disruptive service models with credible traction.
The entry must demonstrate that it is emerging, new, or early-stage in nature; the market problem or gap addressed; the innovation introduced; and evidence of progress, traction, or promise.
This category should reward credible promises and meaningful innovation, rather than the most polished brand presentation.
Category 07 · Honorary · Panel-Selected
Distinguished Contribution to the Financial Sector
This award is presented to honor individuals or institutions that have made exceptional and lasting contribution to the development, credibility, resilience, modernization, inclusion, or advancement of the Maldives financial sector.
Entry route
Honorary · Panel-Selected
Group
Individual or Institution
Target
Selected through a confidential panel-led or advisory process
Entry criteria & guidance
This category will not be open for public nomination unless MMA later decides otherwise. It should be considered by the judging panel or through a confidential advisory process.
It may be awarded to a senior leader, sector pioneer, institution, public or private sector contributor, or long-standing innovator or reform contributor.
The focus will be on substance, long-term contribution, sector significance, and enduring value rather than popularity or profile alone.
Winner (Banks) Maldives Islamic Bank
Winner (Non-Banks) Allied Insurance Company of the Maldives
Winner Bank of Maldives
Winner FahiPay
