Telma Mobile, a Madagascar-based telecommunications company, recently rolled out the Mvola Avance and Epargne products, which offer loans and savings services, respectively, through the pre-existing Mvola mobile money service. With Mvola Avance, customers can borrow from MGA 1,000 to MGA 500,000 (USD 0.30 to USD 157) for 30 days with a flat interest charge of 9 percent. Mvola Epargne allows customers to save between MGA 100 and MGA 10 million (USD 0.20 and USD 3,200) and earn annual interest of 2 percent. These services were developed in partnership with BNI Madagascar, which is controlled by Mauritius-based holding company Ciel Group.
As of 2016, Mvola had 2 million customers performing: (1) mobile payments for Telma services; (2) cash uploads; (3) transfers to individuals; and (4) cash withdrawals through partner bank machines and branches. Also as of 2016, Telma Mobile reported 3 million subscribers and annual turnover of MGA 360 billion (USD 112 million). Founded in 2006, Telma Mobile is a member of the Telma Group, a private firm providing mobile phone, internet and infrastructure services.
BNI Madagascar reported outstanding loans of MGA 882 billion (USD 273 million) in 2016. Founded in 1977, Ciel operates in 11 African and Asian countries and reports a group profit of MUR 1.5 billion (USD 44.5 million) before tax and non-recurring items as of 2017.
By Aleks Marceau, Research Associate
Sources and additional resources
Telma Group press release:
Telma home page:
Mvola home page:
BNI Madagascar home page:
Ciel Limited home page:
Ciel 2017 Fact Sheet:
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