Bharti Airtel launches new Madagascar mobile banking service

Dec 22, 2010

A new banking service from mobile phone operator Bharti Airtel has been introduced in Madagascar.

Any user subscribing to Airtel Money will be able to use an account that can be accessed via their handset at any time, enabling them to pay for goods or add funds.
Launched in partnership with BOA Madagascar Bank, it offers "the possibility to purchase goods and services … but also to withdraw money from Airtel partners across Madagascar, to send money … or to credit the mobile account immediately", newspaper l'Express de Madagascar reports. Customers can sign up for the service in BOA branches and Airtel shops across the country.

Heiko Schlittke, director of Airtel’s Malagasy unit, told Reuters that the company is planning to invest $50 million (€38 million) in Madagascar. It currently has two million clients on the island and is planning to add 3.2 million more before the end of 2011. The group expects that 90 percent of its customer base will subscribe to Airtel Money.