Airtel Money, mVola and Orange Money – the three mobile money providers in Madagascar – have signed a deal to launch interoperable mobile money services across the entire nation, the GSM Association (GSMA) – a global organisation that reflects the interests of telecom operators globally, has confirmed.
The GSMA’s mobile money programme and the providers partnered to augment financial inclusion in the country.
After Tanzania, Madagascar is the second market in Africa where all mobile money providers have agreed to make their services interoperable, boosting the flows of transactions.
GSMA chief regulatory officer John Giusti said: “The launch of interoperable mobile money services across all networks in both Madagascar and Tanzania underscores the mobile industry’s commitment to delivering life-enhancing financial services to consumers. Greater financial inclusion will empower the underserved and drive economic growth across the country.
“In Madagascar and Tanzania, there are more mobile money accounts than bank accounts. Traditional “bricks-and-mortar” banking infrastructure tends to be far from poorer communities, therefore interoperable money services will deliver significant long-term benefits to citizens, extending the range of digital financial services provided and ultimately serving as a safer and more reliable replacement for cash as a means of payment in day-to-day transactions.”