MVola

What MVola does

MVola S.A. is a Madagascar-based digital financial services platform and licensed bank/financial institution operating exclusively in Madagascar as a subsidiary of the AXIAN GROUP conglomerate. Founded in 2010 and licensed by Madagascar's Commission de Supervision Bancaire et Financière (CSBF) in 2021 (registration No. 016/Ba/2021, with registered capital of 3,000,000,000 Ariary), MVola operates as an electronic money institution serving over 10 million customers and holding the country's leading mobile money market position.

The platform is delivered as a super-app accessible via USSD (*111#) on any YAS/Telma mobile line and via native iOS and Android applications. It combines person-to-person transfers, bill payments (JIRAMA electricity/water, CNaPS social security, telecom credits), QR code merchant payments, domestic and international remittances, mobile credit (MVola Avance, up to 1,000,000 Ariary), interest-bearing savings (MVola Epargne), insurance distribution (MVola Assure underwritten by Sanlam Assurance Madagascar), and a Visa debit card (issued by BNI Madagascar) for ATM and global POS use. The technology stack incorporates the GSMA Mobile Money API specification (adopted September 2023), biometric authentication (Touch ID, Face ID, fingerprint), bank-to-wallet linking (with BAOBAB and PAMF microfinance), and an open developer portal. MVola holds ISO 27001, PCI DSS, GDPR compliance, and B Corp certifications.

MVola monetizes through transaction fees on transfers, deposits, withdrawals, and bill payments; interest and fees on MVola Avance credit; commissions from Sanlam insurance distribution and merchant QR/bill payments; B2B enterprise service charges via the MVola Business Portal; and international remittance fees via Western Union and MFS Africa. Distribution is anchored by an exclusive YAS/Telma mobile network partnership (subscribers 032, 033, 034, 037, 038) supplemented by Cash Points MVola agents and Yas Shops. Customer segments span retail consumers (primary), merchants accepting QR payments, and enterprises/NGOs/government bodies.

Name

MVola

Legal name

MVola S.A.

Website

https://mvola.mg

Company type

Private

Founded year

2010

Operating status

Operating

Headcount range

11–50 employees

Short description

MVola S.A. is a Madagascar-based mobile money super-app and licensed bank, serving over 10 million customers with transfers, payments, credit, savings, insurance, and remittances via the YAS/Telma mobile network as part of the AXIAN GROUP.

Ownership category

akta.pro rank

Product category

Mobile Money Services

NAICS

Finance and Insurance (52), Commercial Banking (52211), Other Insurance Funds (52519)

SIC

Personal Credit Institutions (6141), Short-Term Business Credit Institutions (6153), Finance Services (6199)

akta.pro primary industry

Multi-Currency Accounts, Wallets & IBAN Services (FSAMAIAG)

akta.pro secondary industries

Financial Inclusion & Consumer Empowerment (Banking Access, Credit Building) (BPAGALAJ), International Money Transfer Operators (MTOs) (FSAMAIAE), Cash & Voucher Assistance (CVA) and Emergency Livelihood Support (BPAGAAAJ)

Keywords

• Mobile money services
• Digital payments
• Mobile banking
• Mobile credit
• International remittances

Headquarters

HQ city

Tananarive

HQ country

Madagascar

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Technology or R&D, Personnel, Operations, Infrastructure, Marketing or Sales

Revenue model

1. Transaction Fees: MVola charges transaction fees for money transfers, deposits, withdrawals, and other financial operations performed via the MVola platform. Fees are deducted at transaction completion and include applicable taxes (TVA). A fee guide is published at MVola points of sale and on the website.
2. Credit Product Interest and Fees: MVola earns revenue from MVola Avance (credit) through interest charges and fees, which vary based on credit amount, duration, and the customer's repayment history. Additional fees may apply for credit extensions or overdue repayments.
3. Insurance Distribution Commission: MVola distributes insurance products (e.g., MVola Assure school accident insurance via Sanlam) through its platform, earning commission on premiums collected from subscribers.
4. Merchant and Bill Payment Commissions: MVola earns commissions from bill payment services (JIRAMA, CNaPS, telecom credits) and QR code merchant payments processed through its platform.
5. B2B Enterprise Services: MVola offers B2B payment solutions including inbound B2B payments and B2B money transfers for enterprises, SMEs, NGOs, and government bodies, generating revenue through transaction fees and service charges.
6. International Remittance: MVola earns fees on international money transfers received via cross-border remittance services, including through partnerships with Western Union and MFS Africa.

Pricing tiers

Go-to-market motion2 records

Distribution channels9 records

Marketing channels7 records

Core offering

MVola is a licensed digital bank and mobile money service in Madagascar, operating as a unified super-app across USSD, iOS, and Android. It enables cash deposits and withdrawals, domestic and international money transfers, bill payments (utilities, social security, telecom), merchant QR code payments, airtime purchases, mobile savings (MVola Epargne), mobile credit up to 1,000,000 Ariary (MVola Avance), insurance distribution (MVola Assure), and a Visa debit card for international use.

Product overview

MVola is a digital bank and mobile money provider in Madagascar operating as a unified super-app platform. The core offering is MVola Fô, a free mobile money account service that enables cash deposits, withdrawals, domestic and international money transfers, bill payments, merchant payments via QR code, and credit purchases. The platform extends through interconnected add-on modules including MVola Epargne (savings accounts with interest), MVola Avance (mobile credit up to 1,000,000 Ariary), MVola Assure (insurance products via Sanlam), MVola To Bank/Bank To MVola (banking integrations with BAOBAB), CB2MVola (international card transfers), and La carte VISA MVola (international debit card). For enterprises, MVola offers B2B payment services and a dedicated business portal. The service serves over 10 million customers and operates as an electronic money institution licensed by Madagascar's banking supervisor (CSBF).

Differentiator

Problem solved

Functional benefit

Brands

• MVola Fô: Free MVola account opening for Yas mobile customers (032, 033, 034, 037, 038)
• MVola Epargne
• MVola Avance
• MVola Assure
• MVola Business
• MVola To Bank/Bank To MVola
• CB2MVola
• MVola Visa Card

Products and services

• MVola Fô (Mobile Money Account)

Quantifiable outcome

• Over 10 million customers served in Madagascar
• +1 more outcomes

Named customers10 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration7 records

Feature10 records

Partnerships

Nine partnerships are on record, tiered core, flagship and minor.

• MFS AfricacoreTechnology or Integration · 1 October 2023MVola signed a partnership with MFS Africa in October 2023, expanding its cross-border remittance network across Africa. MFS Africa's hub connectivity enables MVola customers to receive international money transfers from a broader range of corridors, enhancing financial inclusion and cross-border commerce.
• YAS (Telma)flagshipStrategic or Co-development PartnerYAS (Telma S.A.) is MVola's exclusive mobile network operator partner, providing the telecommunications infrastructure through which MVola operates its electronic money services. MVola accounts are linked to YAS mobile lines, and the service is distributed through YAS Shops and Espaces Clients. This is the foundational partnership enabling MVola's operations.
• BAOBABcoreTechnology or IntegrationBAOBAB bank partnership enables customers to link their MVola account with their BAOBAB bank account, allowing fund transfers between the mobile money account and traditional bank account. The service is jointly offered by BAOBAB and MVola with OTP-based authentication.
• PAMF MadagascarcoreTechnology or IntegrationPartnership with PAMF (Première Agence de Microfinance Madagascar) enables MVola customers to deposit funds into and repay microfinance loans from their MVola accounts. The service covers loan disbursement and repayment transactions between MVola and PAMF.
• Sanlam Assurance MadagascarcoreGTM or Marketing PartnerMVola distributes school accident and civil liability insurance products underwritten by Sanlam Assurance Madagascar. MVola acts as the distribution channel, collecting premiums and managing coverage through its mobile platform (MVola Assure), while Sanlam provides the insurance underwriting and claims management.
• BNI MadagascarcoreTechnology or IntegrationBNI Madagascar is the issuing bank for the MVola Visa debit card, enabling ATM withdrawals, POS payments, and online/international transactions through the Visa network. As card issuer, BNI handles card provisioning, transaction authorization, and settlement.
• GSMAcoreTechnology or IntegrationMVola adopted the GSMA Mobile Money API specification in September 2023, achieving compliance with the transfers use case for P2P and international remittances. The GSMA API framework enables interoperability and integration with the broader mobile money ecosystem across Africa.
• JIRAMAminorGTM or Marketing PartnerJIRAMA (Madagascar's national water and electricity utility) partnership enables MVola customers to pay their utility bills through the MVola mobile platform, providing a convenient bill payment channel for customers and digital billing collection for JIRAMA.
• Moov (Telecom)minorGTM or Marketing PartnerMoov telecom airtime recharge is available through the MVola mobile application, allowing MVola customers to purchase Moov communication credits directly from their mobile account.

Scale indicators7 records

Recent moves6 records

Expansion highlights5 records

Market position

Competitive moat5 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UCATH-uqQVW8JCg7Aw1fIZ9g
• Facebookfacebook.com/MvolaMobileMoney
• LinkedInlinkedin.com/company/18682901
• Instagraminstagram.com/mvola_madagascar
• TikToktiktok.com/@mvola_madagascar

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about MVola