Choosing the right bank in Madagascar is crucial for both individuals and businesses, given the varying levels of service, accessibility, and reliability among banks operating in the country.
It’s also important to note that for entrepreneurs in Madagascar, opening a bank account is mandatory for any taxpayer generating revenue exceeding Ar 50,000,000 per annum, as per current fiscal regulations.
Banking Landscape in Madagascar
The Banque Centrale de Madagascar oversees 13 licensed territorial banks and 16 licensed microfinance institutions.
The large number of microfinance institutions is mainly due to regional networks (e.g., OTIV has five separate institutions across different regions).
Among the 13 banks, only four operate as retail banks with extensive branch networks, collectively controlling 90% of the banking market.
The remaining banks primarily function as corporate banks with limited branch presence.
Overview of Major Banks in Madagascar
BOA (Bank of Africa)
Range of Services
BOA Madagascar offers a wide variety of financial products, tailored for both individuals and businesses.
Its personal banking services include multiple account packages, such as the Pack Elite, which provides premium benefits and access to Elite Agencies located in Ivandry, Alhambra, Alarobia, and Tamatave.
Employees earning at least 1,500,000 MGA in either the public or private sector can also access offers like Salaria or Fonxionaria, designed specifically for salaried workers.
For businesses, BOA has a dedicated offering, with seven Business Centers, four Corporate Banking Centers, and one Institutional Agency, targeting both small enterprises and large corporations.
Customer Service & Responsiveness
Premium clients enrolled in Gold and Platinum services might have more advantages in terms of quick handling of customer complaints.
Elite Agencies are focused on personalized support, where high-net-worth individuals receive dedicated assistance.
Accessibility & Network Coverage
With 88 branches across Madagascar, BOA has the second-largest banking network in the country.
Fees & Interest Rates
BOA’s savings accounts offer an interest rate of 2.8%.
Account maintenance fees range from 14,100 MGA to 15,100 MGA, with Elite members paying up to 34,100 MGA.
Loan interest rates are negotiable, depending on the client’s profile and relationship with the bank.
Digital Banking & Innovation
BOA provides robust online banking services through MyBOA and BOAweb, allowing users to manage their finances remotely.
Clients can initiate transfers, check account balances, and monitor transactions at any time, ensuring flexibility and convenience.
BNI Madagascar
Range of Services
BNI Madagascar serves a broad client base, offering financial products for individuals (both private and public sector employees), entrepreneurs, and corporations.
While the bank does have a Premier Card and some premium offerings, its overall strategy appears focused on reaching as many customers as possible rather than prioritizing exclusive services.
Customer Service & Responsiveness
BNI operates a Premium Space in Analakely, designed to provide enhanced customer service to high-value clients.
However, given its mass-market approach, some clients may experience variability in service quality.
Accessibility & Network Coverage
With 107 branches across Madagascar—including 29 in Antananarivo—BNI has the largest network among the four major banks.
This extensive reach makes it highly accessible to customers in both urban and regional areas. Additionally, it operates two Corporate Banking Centers for business clients.
Fees & Interest Rates
BNI does not publicly advertise its savings interest rates or detailed fee structures, but they are generally in line with market standards.
Digital Banking & Innovation
BNI’s online banking platform, Elionet, allows customers to manage their accounts remotely.
The bank’s strategy focuses on volume rather than premium pricing or elite packages.
BRED (Formerly BFV-SG)
Range of Services
BRED Madagascar offers a mix of standard and premium banking products, including the Ébène Or and Platinum packages, which provide exclusive benefits to high-net-worth clients.
The bank also caters to both individuals and businesses, positioning itself as a comprehensive financial institution.
Customer Service & Responsiveness
BRED operates eight “Espace Premier” premium service locations, strategically placed in Antaninarenina, Assist Ivandry, Antanimena, Ampefiloha, Diego, Toamasina, and Majunga.
These centers aim to provide superior service to high-value clients, though the overall customer experience remains to be assessed following its recent rebranding.
Accessibility & Network Coverage
BRED has a solid physical presence with 65 branches nationwide, including 18 in Antananarivo.
It also operates five Corporate Business Centers, serving both mid-sized and large enterprises.
Fees & Interest Rates
BRED’s savings accounts offer an interest rate of around 3%, slightly higher than some competitors.
Loan interest rates vary significantly based on the client’s profile and could go up to 20%, making it essential for borrowers to negotiate terms carefully.
Digital Banking & Innovation
BRED’s SGConnect platform facilitates online banking transactions, account monitoring, and digital payments.
BMOI
Range of Services
BMOI provides a structured selection of banking products tailored for individuals, businesses, associations, and Malagasy diaspora clients.
While it may not offer as many specialized packages as BOA or BRED, its focus is on quality service delivery rather than variety.
Customer Service & Responsiveness
BMOI is frequently praised for its operational reliability, with clients reporting fewer technical issues and smoother transactions.
Its ISO 9001-2015 certification reinforces its reputation for quality control and customer satisfaction.
The bank also maintains a Prestige Agency in Antaninarenina, where premium clients receive personalized assistance.
Accessibility & Network Coverage
BMOI has a smaller network, with 16 branches in total, 11 of which are in Antananarivo. However, it compensates for this with its Business Centers at EDEN and Toamasina, ensuring strong corporate banking support.
Fees & Interest Rates
BMOI’s savings accounts offer interest rates starting from 2.75%, with the potential for higher rates depending on the selected package.
Digital Banking & Innovation
BMOI’s BMOINET platform allows customers to conduct transactions, monitor their accounts, and access banking services remotely.
With their ISO certification, it is recognized for its stability and reliability.
Summary of Major Banks Features
| Feature | BOA | BNI | BRED | BMOI |
| Range of Services | Offers personal and business banking, including Pack Elite, Salaria, and Fonxionaria for salaried workers. | Broad service offering for individuals, entrepreneurs, and corporations. Focused on volume. | Provides standard and premium banking, including Ébène Or and Platinum packages. | Structured offerings for individuals ‘Package Harena or Vikina) businesses, associations, and diaspora clients. |
| Customer Service & Responsiveness | Personalized service at Elite Agencies for high-net-worth individuals; quick handling of complaints for Gold/Platinum clients. | Premium Space in Analakely for enhanced services Mass-market strategy and proximity, but variability in service quality. | Eight “Espace Premier” locations for premium clients; overall experience varies post-rebranding. | Recognized for reliability and smooth transactions, fewer technical issues. ISO 9001-2015 certified, with a Prestige Agency for premium clients. |
| Accessibility & Network Coverage | 88 branches nationwide; second-largest network in Madagascar. | 107 branches, including 29 in Antananarivo; largest network among the four banks. | 65 branches, including 18 in Antananarivo; five Corporate Business Centers. | 16 branches, 11 in Antananarivo; Business Centers at EDEN Ankorondrano and Toamasina for strong corporate support. |
| Fees & Interest Rates | Savings accounts with 2.8% interest; account maintenance fees range from 14,100 MGA to 34,100 MGA. Loan rates negotiable. | Savings interest rates not publicly available, but generally market-standard fees. | Savings accounts offer ~3% interest; loan interest rates can reach up to 20%. | Savings accounts start at 2.75% interest, with higher rates for certain packages. |
| Digital Banking & Innovation | MyBOA and BOAweb for online banking; flexible remote banking services. | Elionet platform for online banking; mass-market strategy. | SGConnect platform for online banking and payments. | BMOINET platform for remote banking and transactions. Known for stability and reliability. |
Which Bank in Madagascar Offers the Best Services?
When comparing Madagascar’s major banks, fees and banking packages are largely similar. The packages and offers are also comparable. for instance:
- Savings accounts offer interest rates ranging from 2.7% to 2.8%, occasionally reaching 3%, with the possibility of higher rates depending on the chosen package
- All four retail banks—BOA, BMOI, BNI, and BRED—offer Gold and Platinum accounts, which come with benefits like personalized banking services for premium clients
- The availability of an emergency assistance, including immediate cash withdrawals and emergency card replacement
- For loans, processing fees and interest rates vary based on the client’s financial solvency, relationship with the bank, and ability to negotiate—especially for premium customers.
- Access to foreign currency accounts, such as USD or EUR.
With pricing and offers being fairly uniform, the real difference might therefore lie in customer service quality and responsiveness.
To gain deeper insight, we conducted a small online survey of 35 professionals and entrepreneurs aged 28 to 35. We asked for their opinion on the best bank in Madagascar, considering the following criteria:
- Fast resolution of complaints and transaction issues
- Dedicated advisors for premium and business clients
- Easy access through branches, phone, online chat, and email
- A strong reputation for reliable service, including minimal ATM network issues
The results were:
BMOI (52%)
BMOI emerged as the top choice as the best bank in Madagascar. This can be explained by its strong reputation for reliability and smooth banking operations.
Unlike competitors with a larger network, BMOI prioritizes service quality over scale, which translates into fewer customer complaints regarding banking errors, transaction issues, or ATM malfunctions.
Its ISO 9001-2015 certification reinforces this reputation, ensuring consistent service standards that appeal to clients who value stability and security in their banking experience.
While it has fewer branches and ATMs, its prestige agency in Antaninarenina and business centers in key locations serve high-net-worth individuals and professionals effectively, providing tailored financial solutions.
So if you prioritize efficient and hassle-free banking, BMOI stands out as a trusted institution that delivers smooth transactions, fewer technical disruptions, and a reliable banking experience despite its more limited physical presence.
BRED (31%)
Bred’s second position is explained by its efficiency to provide support and quick answer to claims from their Clients, even for those outside Premium accounts.
The bank might encounter some issues (such as a bank card automatically being stuck, while withdrawing cash from an ATM that’s not within the Bred network), but the quick answers on claims made by customer services is still appreciated by its clients.
Concluding Statements
With several banks operating in Madagascar, the best choice depends on individual needs and priorities.
However, two banks seem to stand out: Bred Madagascar, recognized for its quick complaint resolution regardless of premium status; and BMOI, valued for its stability and operational reliability.
Whether for personal or business banking, entrepreneurs and individuals should carefully assess their needs, research service quality, and explore premium options for an optimal experience.
Finally, Madagascar Invest can assist in opening a bank account with the bank of your choice.
