Madagascar

MG · MDG · 450AfricaMGA Ar15 methods

Revised · 4 sources

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Banking penetration is ~18% of adults, among the lowest in Africa; mobile money is the primary financial inclusion tool.

~8M

online population

~18%

banked adults

~2%

credit card population

Mix Methods Behaviour Sources Facts

Payment mix

share of e-commerce spend

CategoryLeading methodShare

Cash—60%
Mobile MoneyGoogle Pay32%
Bank Transfer—5%
CardVisa2%
Other—1%

Methods in use

top 8 of 15 · by spend

MethodTypeShare

All 15 methods in Madagascar →

Checkout behaviour

Mobile money surpassed 10 million accounts and facilitates billions of dollars in transactions annually.

The Central Bank launched an e-Ariary CBDC pilot in May 2025 targeting financial inclusion in rural areas.

Facts

ISO 3166: MG · MDG · 450
Region: Africa
Population: ~30M
Currency: MGA Ar
Banked adults: ~18%
Methods live: 15

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Sources

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