Malagasy financial authorities to promote access to microfinance via mobile telephony

Mar 20, 2013

Financial authorities in Madagascar are creating a legal framework conducive to the development of mobile microfinance services.

Microfinance institutions (MFIs) - which are currently facing legal, technical and financial issues - will thus be able to promote their remote banking services via mobile phone.

"The financial inclusion does not exclude any operator with the ability to promote the use of financial services, including remote banking. MFIs working in the field can join, but the law should allow them to do so and an appropriate infrastructure must be in place," said Blaise Rajoelina, National Coordinator of Microfinance, quoted by L'Express de Madagascar.

The government wants to allow at least a quarter of the workforce to access money transfer services via mobile phone, as part of the 2013-2017 inclusive finance strategy.

These services appear to be an effective tool to improve access to financial services in a country where account owners are only representing about five percent of the population (20 million inhabitants).ADNFCR-2976-ID-801559157-ADNFCR