Table of Contents
Introduction
Madagascar, the fourth largest island in the world, has many unique natural features, unique fauna and flora, and a unique culture. However, it also has a very developed banking system which plays an important role in the development of the economy of the country. The aim of this paper is to outline the main characteristics of the banking system of Madagascar and to present the list of the major banks operating on the island.
1. Bank of Africa Madagascar
One of the biggest banks in Madagascar, Bank of Africa Madagascar is a subsidiary of the international Bank of Africa Group. It provides a number of products and services for individuals, businesses, and institutions throughout most of the island. The bank is involved in the improvement of financial services availability and has provided new solutions for the unbanked population.
2. BNI Madagascar
The state-owned BNI Madagascar is one of the country’s leading banks and has an important part to play in the financing of large infrastructural projects in the country. It provides banking services such as corporate banking, retail banking and treasury services and has been involved in the support of government efforts in improving the infrastructure and economic development.
3. Bank of Madagascar
The Central Bank of Madagascar, Bank of Madagascar, is responsible for the preservation of price stability and the development of the financial system. It sets and implements the country’s monetary policy, regulates the banking and other financial institutions, and holds the country’s foreign exchange reserves. Also, it provides banking services to the government and acts as the lender of the last resort.
4. BFV-SG Madagascar
BFV-SG Madagascar is one of the biggest banks in the country and is a subsidiary of Société Générale. It provides retail, corporate, and investment banking services, and is known for having innovative products and a client-focused approach. The bank provides support to various sectors of the economy, including agriculture, energy and infrastructure.
5. BMOI Madagascar
BNP Paribas’s subsidiary, BMOI Madagascar is one of the biggest banks in the country. It provides a full range of services for retail, corporate and private banking. The bank boasts of its customer relations and has received recognition for providing excellent customer services while at the same time promoting sustainable development in the community.
6. Bank of Ceylon Madagascar
The Bank of Ceylon Madagascar is a branch of the Bank of Ceylon in Sri Lanka and is one of the oldest banks in Madagascar. It offers retail banking, corporate banking and trade finance and is well known for its activity in the field of trade and money transfer, including operations with other countries.
7. MCB Madagascar
The local subsidiary of MCB Group from Mauritius, MCB Madagascar is also one of the biggest banks in the country. It offers retail, corporate and treasury services. MCB Madagascar has a sound risk management and has been actively involved in the development of sectors such as tourism, manufacturing and agriculture.
8. BMO Madagascar
BMO Madagascar, a subsidiary of BMO Financial Group in Canada, is one of the biggest banks in the country. The company provides different banking services, including retail and corporate banking, investment banking, etc. BMO Madagascar has a strong focus on corporate social responsibility and integrates education, healthcare, and environmental projects, as well as providing new digital banking solutions.
9. BOA Madagascar
Pan-African Bank of Africa Group’s BOA Madagascar provides a full range of banking services with a major emphasis on customer relations. The bank is actively engaged in the promotion of financial literacy and business creation to ensure that its services bring only positive impact to the community.
10. BNI Crédit Agricole Madagascar
Owned by BNI Madagascar and Crédit Agricole Group, BNI Crédit Agricole Madagascar is a major bank that provides various banking services, particularly in the area of agricultural banking. The bank is especially important in the rural areas and helps the agricultural sector through funding and encouraging the practice of sustainable agriculture.
