Banks in Madagascar

Madagascar’s banking system includes banks, financial institutions and microfinance institutions. A bank generally accepts public funds, provides credit and offers payment services. A financial institution may focus on savings, specialized lending or business finance. A development bank provides credit but does not accept public deposits. Institutions de microfinance, commonly called IMF de dépôt et de crédit, serve customers through formal microfinance activities. Electronic money institutions, known as établissements de monnaie électronique or EME, issue electronic money and provide services such as mobile transfers. Cash Points and agents provide deposits, withdrawals and other services on behalf of licensed providers. Banky Foiben’i Madagasikara (BFM) is Madagascar’s central bank. It manages the currency, supports payment infrastructure and liquidity, and maintains the Centrale des Risques. The Commission de Supervision Bancaire et Financière (CSBF) grants approvals, supervises institutions on site and remotely, imposes sanctions and supports crisis prevention and resolution. Its executive secretariat is the SGCSBF. The Ministère de l’Économie et des Finances (MEF) sets the wider financial policy framework, while SAMIFIN handles anti-money-laundering and counter-terrorist-financing functions. These responsibilities are based mainly on the Banking Law No. 2020-011, the Electronic Money Law No. 2016-056 and the Microfinance Law No. 2017-026. A latest located sector picture identified 13 banks, 3 financial institutions, 17 microfinance institutions, 2 electronic money institutions and 23 foreign-exchange offices. Four banks account for about 85% of the market, and licensed credit institutions hold more than 90% of financial assets. The banking sector is estimated at about 30% of GDP and has strong foreign-capital participation. Branch access is uneven between regions, so a provider’s branch, ATM, agent and network coverage can matter as much as its product list. Older BFM branch maps should not be treated as a complete current directory. A transaction account, or compte de transaction or compte à vue, is an account with funds available for payments, withdrawals and transfers. Deposit and savings products differ by institution and contract. A resident individual or legal entity has a right to request a transaction account from a chosen credit institution. The institution may still apply anti-money-laundering and know-your-customer checks. If several institutions refuse the request, the applicant can request a written refusal certificate free of charge within two days and refer the matter to the CSBF. The CSBF can direct the applicant to a designated credit institution within 15 days. Account-opening documents depend on the provider and customer. A bank may request a Malagasy national identity card or a passport for a foreign applicant, together with proof of address. A company may need a recent extract from the Registre du Commerce et des Sociétés, a statistical card, a CIF, beneficial-owner information and mandate details. Madagascar has no universally confirmed rule in the available research requiring every bank to use the same documents or minimum opening balance. The signed account agreement should state the duration, fees, permitted use, rights, duties, sanctions and complaint process. Institutions must provide a copy, disclose changes in writing and allow the customer to end the relationship without a penalty if the customer rejects a contractual or tariff change. Banks offer transfers, cards, ATMs known locally as DAB or GAB, merchant terminals called TPE, online banking and mobile banking. The payment agreement should state use limits, privacy and security measures, and the procedure for a lost or forgotten payment instrument. A credit institution must provide a way to correct errors in electronic payments. The national payment system, SPI, operates under BFM rules intended to support interoperability and 24-hour, 365-day instant payments between participating payment service providers. Banks, EMEs and eligible microfinance institutions may have connection obligations, but the current research does not independently confirm the complete live coverage or implementation status. For practical planning, verify whether the intended provider and recipient are connected before relying on an instant transfer. Mobile money is especially relevant where formal bank access is limited. MVola, Orange Money and Airtel Money offer services through USSD, apps and agents, including deposits, withdrawals, person-to-person transfers, bill payments, merchant payments, bank-to-wallet transfers and wallet-to-bank transfers. The applicable network and tariff depend on the provider. For example, MVola states that opening an account and depositing funds are free, while a bank transfer may cost about 0% or 1% depending on the bank. MVola’s located current transfer limit is 20,000,000 Ariary per transaction; this figure must not be applied to every provider. Inter-operator transfer instructions also depend on the provider and current service rules. An EME must issue electronic money at a one-Ariary-for-one-Ariary value and keep customer funds in a separate pooled account with several territorial banks. The electronic-money balance in circulation cannot exceed that pooled-account balance. The pooled account is separated from the EME’s creditors and customers can request full or partial redemption at any time. Electronic-money balances are not covered by the bank deposit guarantee system. EME agreements must be available in Malagasy and French and disclose fees, redemption, complaints and security measures. Customers receive a one-week withdrawal period after the relevant contract is concluded, and contract changes must normally be announced at least one month before taking effect. Bank fees are set by institution and product, so the provider’s current tariff sheet and agreement control. Compare account fees, withdrawal charges, transfer prices, card and TPE acceptance, branch and ATM coverage, app or USSD access, domestic and international transfer options, customer-service channels and language. A free banking-mobility service must be offered, with at least one month of advance notice for the switch and return of payment instruments. An account can become inactive after three years without an operation or identity contact; the institution must warn the customer at least six months beforehand, and unclaimed balances can move to the Caisse de dépôt et de consignation. Madagascar has a statutory deposit-guarantee framework, commonly referred to as the FGD, funded by annual contributions from credit institutions that accept public deposits. The framework provides for partial repayment up to a ceiling set through the applicable CSBF proposal or decree, but the ceiling and operational payout process were not verified in the available research. The statutory claim period is one month and payment is intended to occur within three months. Foreign-currency deposits are repaid in Ariary. State funds, credit institutions, EMEs, insurers, related parties and certain funds linked to anti-money-laundering or terrorist-financing offences are excluded. Do not assume a fixed foreign deposit-protection amount or treat EME balances as covered deposits. Customer agreements and law provide confidentiality, access to correction of inaccurate data, complaint handling and responsibility for employees’ actions. Complaints may be made orally, with written confirmation due within five working days, and complaint processing must be free. An EME customer should immediately block a lost or stolen phone or SIM and report loss, theft or fraud to the provider. Payment transactions are generally irrevocable, so recovery normally depends on the provider’s complaint and reversal process. Never deposit money outside a licensed credit institution, EME or authorized agent, and never disclose a PIN or secret code. Formal bank accounts remain especially relevant for salaries, companies, larger transfers, cards and savings. Mobile money is widely useful for everyday payments, person-to-person transfers, bills, social payments and access in areas with fewer branches. Global Findex 2025 data for Madagascar in 2024 recorded an account at any provider for 24.5% of people aged 15 and over, a bank or similar financial-institution account for 9.5%, a mobile-money account for 19.4%, a digitally enabled account for 20.5% and a digital payment for 21.7%; 4.78% reported saving at a financial institution. Since August 2026, CNaPS family benefits have been paid nationwide into bank or mobile-money accounts. The practical choice therefore depends on the required service, geographic access, fees, reliability, identity requirements and protection rules rather than on the label alone.