Finance
List of Commercial banks in Madagascar
The banking sector in Madagascar is a critical component of the country’s financial system, providing essential services such as deposit-taking, lending, and financial intermediation. The sector comprises a range of institutions including commercial banks, development banks, and microfinance institutions, each playing a role in supporting the nation’s economic activities. Regulated by the Central Bank of Madagascar (Banky Foiben’ny Madagasikara), the sector aims to foster monetary stability, financial inclusion, and economic growth.
Role of the Madagascar Banking Sector
The banking sector in Madagascar plays a vital role in the nation’s economic development by facilitating financial transactions and providing credit to individuals and businesses. It supports economic activities through investment financing, savings mobilization, and efficient resource allocation. The sector is essential for implementing monetary policy, promoting financial inclusion, and enhancing access to financial services, especially in underserved areas. Additionally, banks contribute to economic stability by offering various financial products and services that meet the needs of a diverse population.
| Bank Name | Headquarters | Bank Sector | Bank Revenue (MGA) | Bank Revenue(USD) | Contact Details |
| Banque Centrale de Madagascar (BCM) | Antananarivo | Public | 24.44 million | 0.0052 million | Tel: +261 20 22 329 21 |
| Bank of Africa Madagascar | Antananarivo | Private | 2.32 billion | 0.0004 billion | Tel: +261 20 22 340 00 |
| BNI Madagascar | Antananarivo | Private | 92 million | 0.0202 million | Tel: +261 20 22 332 00 |
| Société Générale Madagascar | Antananarivo | Private | 27.19 6billion | 0.0059 billion | Tel: +261 20 22 213 25 |
| Crédit Agricole Madagascar | Antananarivo | Private | 25.2 billion | 0.0055 billion | Tel: +261 20 22 258 68 |
| Banque Malgache de l’Industrie (BMI) | Antananarivo | Private | 89 billion | 0.0196 billion | Tel: +261 20 22 266 00 |
| Caisse d’Épargne et de Crédit (CEC) | Antananarivo | Private | 515.8 million | 0.1136 million | Tel: +261 20 22 635 87 |
| Banque Nationale pour le Développement (BNDD) | Antananarivo | Private | 19.389 billion | 0.0041 billion | Tel: +261 20 22 647 33 |
Conclusion
The banking sector in Madagascar is pivotal to the country’s economic development and financial stability. Through its various institutions, the sector facilitates crucial financial services, supports economic growth, and promotes financial inclusion. As the sector continues to evolve, it remains integral to the nation’s progress, addressing both current financial needs and future economic opportunities.
