Madagascar Country Commercial Guide
Learn about the market conditions, opportunities, regulations, and business conditions in madagascar, prepared by at U.S. Embassies worldwide by Commerce Department, State Department and other U.S. agencies’ professionals
Select Country Guide
Financial Services Sector
Last published date:

Overview

There are currently 13 commercial banks operating in Madagascar, of which 11 are subsidiaries of foreign banks. The banking sector is highly concentrated, with four main banks holding 86 percent of loans (January 2025). The banking penetration rate (i.e. access to a bank account or mobile money service) is around 18 percent of adults, among the lowest in sub-Saharan Africa. As of June 2024, the assets of all 13 banks totaled approximately $4.78 billion or 29 percent of GDP. Private sector loans amounted to $2.52 billion or 53 percent of total assets and 15.3 percent of GDP. Madagascar has new banking and insurance laws aiming to provide more customer protection by mandating more transparency in services offered, requiring companies to secure their IT systems, and providing tools to detect money laundering and terrorist financing.

Leading Sub-Sectors

  • Banking
  • Financial Technology
  • Insurance services
  • Investment services
  • Leasing services
  • Private equity

Opportunities

  • Consulting services to support the development of a more clearly defined legal framework for banking and insurance activities to facilitate greater investment
  • Tap into market for cash-transfer technologies for the informal sector:

-Digital currencies
-Resources: Ministry of Economy and Finance