Top Banks in Madagascar
Madagascar's banking sector is regulated by the Central Bank of Madagascar (Banky Foiben'i Madagasikara) and consists of 13 commercial banks, with 11 being subsidiaries of foreign institutions. The market is highly concentrated, with four major banks controlling approximately 86% of all loans as of January 2025 and around 90% of the overall banking market. Total sector assets stood at about $4.78 billion (29% of GDP) as of June 2024, with private sector loans at $2.52 billion. These banks offer services like deposits, loans, insurance payments, digital banking, and international transfers, often integrated with mobile money (e.g., MVola). For locals, priorities include branch accessibility, low fees for transfers (e.g., 300-1,000 MGA), and partnerships with insurers like Allianz or ARO for seamless premium payments via direct debit or apps.
Based on market share, branch networks, customer surveys, and awards, here are the top banks. Rankings draw from a 2025 survey of professionals evaluating reliability, access, and service (e.g., BMOI at 52% preference), as well as global recognitions.
Bank of Africa Madagascar (BOA)
https://boamadagascar.com
BNI Madagascar
https://www.bni.mg
Banque Malgache de l’Océan Indien (BMOI)
https://www.bmoi.mg
BMOI Groupe BCP - Votre partenaire financier de confiance
BRED Madagasikara Banque Populaire
https://bred.mg
AccèsBanque Madagascar (ABM)
https://www.accesbanque.mg
BGFI Bank Madagascar
https://groupebgfibank.com
MCB Madagascar (Mauritius Commercial Bank)
https://mcb.mg
SBM Madagascar (State Bank of Mauritius) www.sbmgroup.mu
Baobab Banque Madagascar www.baobabgroup.com
SIPEM Banque www.sipem-banque.mg
These are the most prominent commercial banks operating in Madagascar, serving both individuals and businesses.
(e.g., retail banking, SME focus, international trade) so you can see which ones stand out for different needs?1
Bank of Africa Madagascar (BOA) Part of the international BOA Group. Strong in retail banking, SME financing, and expanding access for the unbanked population.
BNI Madagascar One of the largest local banks. Known for corporate banking, investment services, and a wide branch network.
Banque Malgache de l’Océan Indien (BMOI) Subsidiary of Morocco’s BCP Group. Focuses on trade finance, corporate clients, and international transactions.
Société Générale Madagasikara (SGM) Historically part of Société Générale, now transitioning to BRED Banque Populaire. Strong in universal banking with retail and corporate services.
AccèsBanque Madagascar (ABM) Specializes in microfinance and SME lending, targeting entrepreneurs and small businesses.
BGFI Bank Madagascar Part of the Central African BGFIBank Group. Focus on corporate banking, international trade, and large projects.
MCB Madagascar Subsidiary of Mauritius Commercial Bank. Strong in cross-border services and support for investors/expats.
SBM Madagascar Linked to State Bank of Mauritius. Focus on corporate clients, trade finance, and regional integration.
Baobab Banque Madagascar Known for microfinance and digital banking solutions, especially for underserved populations.
SIPEM Banque Focuses on SMEs and micro-entrepreneurs, with a strong development finance angle.
Key insight: Four banks (BNI, BOA, BMOI, Société Générale) dominate about 90% of the retail banking market in Madagascar, while others like AccèsBanque, Baobab, and SIPEM are more specialized in microfinance and SME support.
Here’s a clear breakdown of the best banks in Madagascar, depending on whether you’re an individual, a business, or an expat/investor:
For Individuals
Bank of Africa Madagascar (BOA) – Wide branch network, strong retail services, and good accessibility.
BNI Madagascar – Popular for personal accounts, savings, and everyday banking.
AccèsBanque Madagascar – Excellent for microfinance and small personal loans.
Baobab Banque Madagascar – Digital-friendly, focused on financial inclusion. (Source: Yves Brooks)
💼 For Businesses
BNI Madagascar – Strong in corporate banking, investment, and trade finance.
BMOI (Banque Malgache de l’Océan Indien) – Great for international trade and corporate services.
BGFI Bank Madagascar – Focused on large projects and corporate clients.
SBM Madagascar – Tailored solutions for entrepreneurs and regional trade. (Source: OneSafe Blog)
For Expats & Investors
MCB Madagascar (Mauritius Commercial Bank) – Excellent for cross-border services, ideal for expats.
Société Générale Madagasikara (SGM) – Internationally connected, good for foreign residents.
BNI Madagascar – Reliable for both locals and foreigners, with strong infrastructure.
HSBC Expat (offshore option) – Not based in Madagascar, but often used by expats for global money management. (Sources: Madagascar Invest, Expat.com)
✨ Key takeaway:
If you’re a local individual, BOA or BNI are the most convenient.
For businesses, BMOI and BGFI stand out.
For expats/investors, MCB and Société Générale are the most internationally connected.
#### 1. **BMOI (Banque Malgache de l'Océan Indien) – Top for Reliability and Quality Service**
- **Market Position**: One of the four dominant banks, with strong focus on quality (ISO 9001:2015 certified). Highly rated in surveys for minimal issues and efficient transactions.
- **Assets/Strengths**: Comprehensive services for individuals, businesses, diaspora; includes project financing, savings (interest from 2.75%), insurance, and digital tools like BMOI Net app for payments and transfers.
- **Branches/Network**: 16 branches (11 in Antananarivo), plus business centers in key cities like Toamasina.
- **For Insurance Payments**: Supports direct debits and online transfers; integrated with local insurers.
- **Contact**: +261 20 22 222 22; [www.bmoi.mg](https://www.bmoi.mg).
- **Best For**: Urban professionals and diaspora needing stable digital banking.
#### 2. **BRED Madagasikara (formerly BFV-Société Générale) – Best Overall Bank (2025 Award Winner)**
- **Market Position**: Acquired Société Générale's operations; one of the big four with ~31% survey preference for quick support. Named Best Bank in Madagascar for 2025 by Global Finance for growth and innovation.
- **Assets/Strengths**: Serves 300,000 customers; offers daily banking, credits, savings (interest ~3%), insurance, and international ops. Premium packages like Ébène Or for high-net-worth clients.
- **Branches/Network**: 70 branches (18 in Antananarivo), 5 corporate centers, and 8 premium "Espace Premier" locations.
- **For Insurance Payments**: Remote banking via SG Connect/Messalia apps for auto-debits; partners with global insurers.
- **Contact**: +261 20 22 345 67; [www.bfvsg.mg](https://www.bfvsg.mg) (updating to BRED branding).
- **Best For**: Investors, expats, and businesses seeking premium service and international ties.
#### 3. **BNI Madagascar – Largest Network for Accessibility**
- **Market Position**: State-influenced, one of the top four; focuses on mass-market with broad reach. Strong in volume and inclusion.
- **Assets/Strengths**: Offers accounts, loans, savings, insurance, and digital tools like BNI-NET/Elionet. Special packs for youth (e.g., Tanora) and premiums.
- **Branches/Network**: 107 branches (29 in Antananarivo), 2 corporate centers – the most extensive.
- **For Insurance Payments**: Low-cost transfers (from 300 MGA); app-based scheduling for premiums; ties to MADACARE/ARO.
- **Contact**: +261 20 22 202 51; [www.bni.mg](https://www.bni.mg).
- **Best For**: Rural locals and young users needing widespread access.
#### 4. **Bank of Africa Madagascar (BOA) – Best for Digital and Business Services**
- **Market Position**: Pan-African leader, one of the big four; versatile for SMEs and enterprises.
- **Assets/Strengths**: Bundled products like loans, savings (2.8% interest), transfers, insurance (e.g., ZEN VOYAGE). Elite packs for premiums.
- **Branches/Network**: 88 branches – second-largest.
- **For Insurance Payments**: MyBOA/BOAweb apps for instant transfers; partnerships with Allianz/Ny Havana.
- **Contact**: +261 20 22 600 00; [www.boamg.com](https://www.boamg.com).
- **Best For**: Businesses and families with monthly payments.
#### Other Notable Banks
- **AccèsBanque Madagascar (ABM)**: Microfinance-focused; digital via MyAccès app; good for small loans and transfers.
- **MCB Madagascar**: Corporate-oriented, part of Mauritius group; strong in international trade.
#### Key Sector Insights
- **Digital Trends**: All top banks offer apps; mobile money (e.g., 8 million active accounts) complements for low-value payments.
- **Challenges**: NPLs at 7.6% (end-2024), but sector is resilient with 12.5% capital adequacy.
- **Tips**: For account opening, need ID/address proof. Compare via Central Bank site [www.banky-foibe.mg](https://www.banky-foibe.mg). Inflation (projected 7% in 2025) affects rates; foreign accounts available.
Best Banks for Insurance Payments in Madagascar
Madagascar's banking sector, regulated by the Central Bank of Madagascar (Banky Foiben'i Madagasikara), includes 13 commercial banks, with four dominant players controlling about 90% of the market: Bank of Africa (BOA), BNI Madagascar, Banque Malgache de l'Océan Indien (BMOI), and BFV-SG (formerly Société Générale). These banks are particularly well-suited for insurance payments due to their extensive branch networks (e.g., BOA's 88 branches), digital platforms for transfers and direct debits, partnerships with insurers like Allianz and ARO, and support for mobile money integrations (e.g., MVola). Payments can be made via bank transfer, direct debit, online portals, or at branches—essential for compulsory insurances like vehicle third-party liability.
For locals, prioritize banks with low fees on recurring payments (often 0-2% for internal transfers), reliable apps, and nationwide ATMs. Based on market share, user reviews, and service integration (from sources like expat forums and financial guides), here are the top recommendations. Premiums are typically paid in Malagasy Ariary (MGA); international cards add 2-3% fees.
1. Bank of Africa Madagascar (BOA) – Best Overall for Accessibility
Why for insurance? Offers bundled insurance products (e.g., via partnerships with Allianz and Ny Havana) and seamless direct debit for auto/health premiums. MyBOA app enables instant transfers to insurers like ARO or SAHAM.
Key features: 88 branches island-wide; free internal transfers; Visa/Mastercard acceptance; Western Union integration for diaspora payments.
Fees: ~500-1,000 MGA per transfer; no charge for auto-debits.
Contact: +261 20 22 600 00; www.boamg.com.
Best for: Rural users or families paying monthly health premiums (~50,000 MGA).
2. BNI Madagascar – Best for Digital and Low-Cost Payments
Why for insurance? State-owned with strong ties to local insurers (e.g., MADACARE); online account opening and BNI-NET platform for scheduling payments. Supports insurance loans and repayments.
Key features: 7/24 online banking; Visa cards for e-payments; free first 6 months on new packs; branches in all provinces.
Fees: 50% off dossier fees for online signups; transfers from 300 MGA.
Contact: +261 20 22 202 51; www.bni.mg.
Best for: Young professionals or online buyers using apps like Allianz's portal.
3. BFV-SG Madagascar – Best for Integrated Insurance Services
Why for insurance? Subsidiary of Société Générale; offers in-house insurance (health, auto) with automatic premium deductions. BFVSGNet app links directly to policies from partners like Assurances ARO.
Key features: Remote banking (Messalia/Vocalia); multi-currency accounts; 20+ branches; ISO-certified security.
Fees: Free for premium clients; ~800 MGA for standard transfers.
Contact: +261 20 22 345 67; www.bfvsg.mg.
Best for: Urban expats or businesses needing comprehensive auto coverage (~200,000 MGA/year).
4. BMOI (Banque Malgache de l'Océan Indien) – Best for Secure and International Payments
Why for insurance? Partners with global firms like SanlamAllianz for repatriation add-ons; BMOI Net app handles secure uploads for policy payments.
Key features: Visa cards usable worldwide; customizable limits; 14 branches; mobile app for history/balance checks.
Fees: Favorable exchange rates; transfers ~600 MGA.
Contact: +261 20 22 222 22; www.bmoi.mg.
Best for: Travelers paying short-term travel insurance via international transfers.BankBranch NetworkDigital Tools for PaymentsAvg. Transfer Fee (MGA)Insurance PartnershipsRating (Out of 5)BOA88MyBOA app, auto-debit500-1,000Allianz, Ny Havana4.8BNIProvincialBNI-NET, online signup300MADACARE, ARO4.7BFV-SG20+BFVSGNet, direct links800Société Générale group4.6BMOI14BMOI Net app600SanlamAllianz4.5
Tips for Smooth Insurance PaymentsTips for Smooth Insurance Payments
Digital Shift: Use apps for quotes/payments (e.g., Allianz.mg integrates with BOA/BNI). MVola (Telma's mobile money) links to these banks for cash-ins at agents.
Fees & Limits: Avoid weekends for transfers (higher FX rates); ATMs cap at 400,000 MGA/withdrawal. For large premiums (>1M MGA), visit branches.
Regulations: Mandatory vehicle insurance requires proof of payment; fines up to 1M MGA for delays.
Alternatives: For micro-payments, try MVola or Orange Money—free for bills, but less secure for high-value insurances.
Opening an Account: Needs ID, proof of address; online via BNI/BOA for faster setup.
Start with BOA or BNI for most locals—they handle 70% of insurance transactions. For quotes, compare via brokers like ASCOMA. Always confirm current fees, as inflation (7% in 2025) impacts rates. If expatriating, consider multi-currency options at BFV-SG.