Developing mobile banking in Madagascar

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Mobile banking, an initiative of private mobile phone operators, provides access to financial services via a mobile phone. In 2011, mobile banking had already reached 700,000 people in Madagascar in less than two years of operation, i.e. as many as the current number of microfinance clients after twenty years of existence. In late 2014, there were 890 service points and some 1,300,000 clients for an outstanding loan amount of some EUR 145m.The AFD mobile banking project aims to: Increase the penetration rate of the financial services offered by microfinance institutions in rural areas by developing the mobile banking service, Reduce transaction costs for microfinance clients in rural areas thanks to mobile phones.