Airtel, an Indian telecommunications company, reportedly has extended its mobile banking service, Airtel Money, in Madagascar by making the service available in 170 post offices in the country.
Airtel Money was launched in Madagascar in May 2011, and since then deposits and withdrawals could only be made at Bank of Africa Madagascar branches or Airtel retail locations. Through a partnership with Paostira Malagasy, Madagascar’s government-owned postal service, it is now possible to make payments, deposits and withdrawals at local post office branches. The transactions will be conducted by Paostira Malagasy employees who have received training from Airtel.
It is estimated that 5 percent of people in Madagascar have formal bank accounts. Airtel has 234 million customers worldwide. Its customer numbers in Madagascar are not available, but it is reportedly the second largest mobile provider in Madagascar as of 2013.
By Brian LeBlanc
About Airtel: Founded in 1995, Airtel is an Indian telecommunications company serving 243 million customers operating in 20 countries in Asia, Africa and Europe as of 2012. The Airtel Money Service offers mobile banking in all 17 African countries that Airtel operates in.
Sources and Additional Resources:
Airtel Madagascar, http://www.africa.airtel.com/wps/wcm/connect/africaairtel/Madagascar
Making Finance Work for Africa, “Madagascar: Airtel Money now available at post offices,”
MicroCapital.org Article, June 2, 2012, “World Bank Findex: 16% of Sub-Saharan Africans Transfer Money via Mobile Phones,” http://www.microcapital.org/microcapital-brief-world-banks-findex-16-of-sub-saharan-africans-transfer-money-via-mobile-phones/
MicroCapital.org Article, May 19, 2012, “Faulu Kenya, Airtel Form Partnership to Offer Mobile Credit,” http://www.microcapital.org/microcapital-brief-faulu-kenya-airtel-form-partnership-to-offer-mobile-credit/
MicroCapital.org Article, April 7, 2012, “Airtel, UT Bank Launch Mobile Savings Product FONBank in Ghana,” http://www.microcapital.org/microcapital-brief-airtel-ut-bank-launch-mobile-savings-product-fonbank-in-ghana/
Do you know that MicroCapital publishes the MicroCapital Monitor newspaper each month? Find out more at http://www.microcapital.org/products-page/