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Banking in Madagascar Overview
Madagascar’s banking sector is small but highly concentrated. Of the 13 commercial banks, 11 are subsidiaries of foreign institutions, with four banks accounting for 86% of loans as of January 2025. Key players include AccessBanque, Bank of Africa Madagascar, BMOI, BNI Madagascar, MCB Madagascar, and Société Générale Madagasikara. Many maintain correspondent relationships with U.S. banks like Citibank and the Bank of New York, making international transactions more accessible.
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