The banking system in Madagascar has gradually evolved over the years to become accessible and nearby. The bank in Madagascar is within reach for everyone, including individuals, professionals, businesses, and investors. Consequently, opening a bank account is mandatory for any taxpayer with a turnover or income exceeding Ar 50,000,000 according to the current tax regulations.
What are the main banks in Madagascar?
There are several banks to mention in Madagascar.
BOA Madagascar
BOA Madagascar is a bank owned by the Bank of Africa group and a subsidiary of BMCE Bank (Moroccan), with the principal shareholder being the African Financial Holding. Additionally, the State, the International Finance Corporation (IFC), and local private entities are also shareholders of BOA Madagascar. Notably, BOA has 94 branches and 3 business centers spread across the 22 regions.
BOA Services:
- Corporate and SME offerings: current account with a commercial usage account and commercial transaction recording. For example, a “Pack Fivelomako” deposit account with a withdrawal card and access to B-SMS and B-PHONE is also available at BOA.
- Remote banking: Visa cards, BOA-web, B-SMS, B-PHONE.
- International operations: import and export operations.
BNI Madagascar
Next, BNI, or the National Bank of Industry, was the leading lender to the economy in 2019-2020, with nearly 1,000 employees serving its customers.
BNI Services:
- Services for professionals: “Orinasa,” “Orinasa+,” and “Business” packages, savings and investment offers, BNI Pay.
- Remote banking: Tradenet Service, BNI-Net Service, BNI-Sms Service, BNI-Sms Pro Service.
- International operations: Documentary Remittances, Documentary Credits, Standby Commercial Letters of Credit, Credoc Import Exchange Protection, Export Exchange Protection.
Beyond the two banks we’ve discussed, there are other choices available to you in Madagascar.
Société Générale Madagasikara
Société Générale Madagasikara, formerly known as BFV-Société Générale (BFV-SG), is a Malagasy subsidiary of the Société Générale group. It has been the cas following the acquisition of Banky Fampandrosoana ny Varotra by the French group. It offers a complete range of innovative financial products and services tailored to its clientele.
Société Générale Services:
- For professionals: daily banking including account opening for personal affairs, capital companies, financing, remote banking services, facilitation of international operations, savings and investment accounts.
- For businesses: daily banking including account opening, financing, Global Transaction Banking (GTB), facilitation of international operations, savings and investment accounts.
- For individuals: current accounts in Ariary or foreign currencies, packages based on the client’s situation and needs, remote banking services like Messalia, Vocalia, BFVSGNet, ATM access, account statements, bank loans, savings, and insurance.
BMOI
BMOI, or the Malagasy Bank of the Indian Ocean, is a subsidiary of the BPCE group, which ranks first in the banking sector in France.This bank has been a reference for businesses, institutions, and mid to high-end individuals for 30 years. It is present in the main cities of Madagascar and has dedicated spaces such as Business Centers and Prestige Agencies. Moreover, BMOI is ISO 9001 certified for all its banking production activities and is a major player in Madagascar’s international trade. It is the leading private capital bank on the Big Island.
BMOI Services:
- BMOI Sms: SMS reception of exchange rates and account information (last 5 transactions, balance).
- BMOI Net: downloadable application on Google Play or Apple Store for more secure account management. It allows online operations like transfers, viewing account history and balance, and loan and bond status.
- BMOI Visa Cards: usable at local and international ATMs (400,000 bank branches in 220 countries), allowing cash withdrawals and online payments. With BMOI Visa cards, clients benefit from a more favorable exchange rate compared to manual bank exchange counters. Withdrawal and payment limits are customizable based on the client’s needs and card type.Professional packages: BMOI offers two types of packages: “Harena” and “Vikina.”
MCB Madagascar
MCB Madagascar is a subsidiary of MCB, established in the Big Island since 1991, serving both individuals and businesses. It currently has 14 branches across the territory.
MCB Services:
For individuals:
- Current accounts
- Savings accounts
- Term deposits
- Loans
- International operations
For businesses:
- Current accounts
- Foreign currency current accounts
- Merchant monetics
- International trade
- Treasury investments
- Loans
If you wish to open a foreign currency account, we invite you to consult our article on changes to the application of exchange codes in Madagascar. Thus, in partnership with these major banks in Madagascar, you can entrust us with opening your bank account with the bank of your choice, providing you with more detailed comparisons.