Payment methods in Madagascar

Africa

5methods

1bank

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

Market takeaways

Banking penetration is ~18% of adults, among the lowest in Africa; mobile money is the primary financial inclusion tool.
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.
Four main banks hold 86% of all loans; the banking sector is highly concentrated and urban-focused.
Madagascar is developing a new national instant payment system as part of a broader African infrastructure initiative.

Population

~30M

Online population

~8M

Banked population

~18%

Mobile Money Penetration

~35% of adults

Credit card population

~2%

Payment method breakdown

Cash60%
Mobile Money32%
Bank Transfer5%
Card2%
Other1%

Card scheme breakdown

Visa55%
Mastercard40%
Local Schemes5%
Other0%

Cross-border e-commerce

Market data coming soon.

Featured payment methods in Madagascar

Popular options based on coverage and prominence in this market.

e-Ariary (CBDC Pilot)

The e-Ariary is Madagascar's official digital currency, piloted nationwide from May 2025. It aims to simplify daily transactions, reduce cash dependence, and expand financial access in rural areas where mobile money penetration remains limited.

Airtel Money

Airtel Money is Kenya's second-largest mobile money provider, holding approximately 6.6% market share as of 2024 (up from 2.8%). It operates similarly to M-Pesa and enables money transfers, bill payments, and merchant payments via USSD and the Airtel Money app.

Mvola (Telma)

Mvola is one of Madagascar's leading mobile money services, operated by Telma (the largest private telecom). It provides P2P transfers, bill payments, merchant payments, and airtime top-up services. Accessible via USSD for feature phone users.

e& money

e& money is the first digital wallet licensed by the Central Bank of the UAE, offered by e& life, supporting online payments, money transfers and bill payment. Operator: e& life (formerly Etisalat). Est. users: Large user base, telecom-backed (2024, best estimate).

Orange Money

Orange Money is Orange Jordan's mobile wallet connected to CliQ under Central Bank of Jordan supervision, enabling online payments, transfers and bill payment. Est. users: Large telecom-backed user base (2024, best estimate).