Madagascar - Country Commercial Guide
Financial Services Sector
Last published date:


There are currently eleven commercial banks operating in Madagascar, of which nine are subsidiaries of foreign banks. The banking sector is highly concentrated, with four main banks holding 86 percent of loans. The banking penetration rate, (i.e., access to a bank account or mobile money service for adults) is around 18 percent, among the lowest in sub-Saharan Africa. As of December 2020, the assets of all eleven banks totaled approximately $3.83 billion or 28 percent of GDP. Private sector loans amounted to $2.0 billion or 53.1 percent of total assets and 14.9 percent of GDP. In July 2020, Parliament passed new banking and insurance laws. These laws aim 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 


  • A more clearly defined legal framework for banking and insurance activities offers opportunities for investment
  • Tap into market for cash-transfer technologies for the informal sector


  • Ministry of Economy and Finance