Madagascar: Mobile banking use on the rise

Jul 29, 2013

Orange Madagascar has announced that m-banking users are on the rise, with a 50 percent annual increase in Orange Money subscribers.

Orange Madagascar has announced that m-banking users are on the rise, with a 50 percent annual increase in Orange Money subscribers.

"During the first year, we had between 250,000 and 300,000 customers. Today, in mid-2013, there are more than one million subscribers,"
head of communications
at Orange Madagascar Renaud Raharijaona told L'Express de Madagascar.

He added that
1,000
companies are currently joining the Orange Money network, offering Orange Money as payment solution.

Mobile banking is fast developing on the island, allowing Malagasy people to buy credit, pay bills, transfer and save money via mobile phone.

Orange Money and Mvola were both launched in 2010 and mobile banking service Airtel Money
has been
available since February 2013 through 170 post offices in Madagascar.

These services are emerging as an effective tool to improve access to financial services in a country where bank account holders only represent about five percent of the population (20 million).ADNFCR-2976-ID-801617708-ADNFCR