What BNI Madagascar does

BNI Madagascar is the largest and oldest commercial bank in Madagascar, founded in 1919 and headquartered in Antananarivo. It operates as a full-service retail, SME, corporate, and institutional bank — majority-owned since 2014 by AXIAN Group (Madagascar) and CIEL Group (Mauritius) following Crédit Agricole's exit. The bank distributes through 110 branch agencies spanning all 22 regions, 140+ ATMs, and a 24/7 branch in Antananarivo, with agent-based microfinance coverage via its KRED brand in remote zones.

The bank's core technology stack comprises multi-currency core banking (MGA and foreign currencies), real-time transaction processing, Visa and Mastercard card networks, MVOLA mobile-money interoperability for bank-to-wallet and wallet-to-bank transfers, a Malagasy-language mobile application (iOS/Android), USSD #699# banking for feature phones, BNI SMS Banking (Access and Premium tiers), and dedicated corporate web banking platforms (BNI CASHNET and BNI NET CORPO) with Host-to-Host SFTP and AFB160 batch-virement support. The KRED microfinance platform is fully digital and agent-driven, disbursing and collecting through MVOLA across credit tiers ranging from 500K to 400M MGA.

BNI earns revenue from net interest income on a diversified lending book (consumer credit, KRED microfinance, corporate and trade finance, mortgages), monthly pack subscription fees across six retail tiers (MITSINJO through VATOSOA), card annual and interchange fees, bancassurance commissions (MIARINA credit life, TOMADY hospitalisation, TAFITA, SANTÉ), savings interest spread on EPARGNE PLUS / MITSIRY / DAT time deposits, and transaction fees on BTW-WTB and e-commerce acquiring (BNI P@Y). The go-to-market combines branch-based retail sales, direct enterprise sales, a dedicated KRED agent channel for SMEs, and digital self-service via mobile and USSD. The customer base spans salaried employees, civil servants, retirees, micro and SME entrepreneurs, women business owners, large corporates, exporters, and institutional/government clients.

Name

BNI Madagascar

Legal name

BNI MADAGASCAR, Société Anonyme

Website

https://bni.mg

Company type

Private

Founded year

1919

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

BNI Madagascar is the largest commercial bank in Madagascar, founded in 1919, operating 110 branches, 140+ ATMs, and the KRED digital microfinance brand to serve retail, SME, corporate, and institutional customers across all 22 regions.

Ownership category

akta.pro rank

Headquarters

HQ city

Antananarivo

HQ country

Madagascar

Offices110 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Net Interest Income (Interest on Loans and Credits): BNI Madagascar earns interest income on its diversified lending portfolio spanning consumer credit (MALAKILAKY, SMARTPACK, TSIKY), home loans, business financing (KRED microfinance, corporate credit lines, trade finance), and institutional lending. Interest rates vary by product tier and customer segment.
2. Account and Pack Management Fees: Monthly or annual fees charged on account packages (KAONTY SOA from 7,300 MGA to 13,200 MGA, TONGASOA from 9,100 to 16,500 MGA, MAHASOA from 14,600 to 26,500 MGA, VATOSOA from 20,400 to 37,000 MGA, VALISOA at 6,200 MGA, MITSINJO free) differentiated by customer profile (Private/Fonctionnaire) and benefit tier.
3. Card Fees and Interchange: Annual and transaction fees on debit and credit cards including Visa Lokanga, Visa Harmonia, Visa Premier, Mastercard Standard, Mastercard Platinum, and Mastercard World, with tiered limits for withdrawals and payments on national and international networks.
4. Bancassurance (Insurance Product Distribution): Commission revenue from distributing insurance products including MIARINA (credit life/death and disability, from 700 MGA contribution to 200M MGA coverage), TOMADY (hospitalization, from 10,000 MGA/month), TAFITA (children's education savings), and SANTÉ (dental, optical, overseas care).
5. Savings and Deposit Account Fees: Fees on deposit accounts (16,100 MGA for current accounts, with no fee if salary is domiciled), and interest rate earnings on savings products including EPARGNE PLUS (3.75% annual, 25,000 MGA minimum), MITSIRY LITE/PRO/ULTRA (5.5% to 6% annual), and time deposits (DAT).
6. Digital Banking and Transaction Fees: Fees on digital banking services including BTW-WTB transfers (1.2% above 1M MGA monthly threshold), SMS banking packages, e-commerce payment processing (T+2 credit to merchant account), and ATM withdrawal fees on certain networks.
7. Mortgages and Real Estate Financing: Revenue from residential and commercial property financing products offered to retail customers, supporting the bank's home ownership value proposition.

Pricing tiers

Go-to-market motion3 records

Distribution channels8 records

Marketing channels6 records

Core offering

BNI Madagascar is a universal bank providing deposit accounts, consumer and corporate credit, savings and time deposits, mortgages, payment cards, and bancassurance products to individuals, SMEs, corporates, and institutional clients across Madagascar. It complements its 110-branch network with a proprietary mobile banking app, USSD-based #699# banking, MVOLA-linked digital wallets, the KRED 100% digital microfinance brand, and BNI CASHNET/BNI NET CORPO corporate cash management and trade finance platforms.

Differentiator

Problem solved

Functional benefit

Brands

• KRED: A 100% digital microfinance brand launched in 2019, dedicated to microenterprises and SMEs (TPE and PME) for financial inclusion.

Products and services

• Consumer Credit (MALAKILAKY, SMARTPACK, TSIKY)
• KRED Digital Microfinance
• Savings Products (EPARGNE PLUS, MITOMBO, MITSIRY, DAT)
• Bancassurance (MIARINA, TOMADY, TAFITA, SANTÉ)
• Mortgage and Real Estate Financing
• BNI P@Y E-commerce Payment Solutions
• Payment Cards (Visa Lokanga/Harmonia/Premier, Mastercard Standard/Platinum/World)
• Corporate Banking, Trade Finance and Cash Management
• Packaged Retail Accounts (KAONTY SOA, TONGASOA, MAHASOA, VATOSOA, MITSINJO, VALISOA)

Quantifiable outcome

• Over 300,000 beneficiaries reached through the Salama BNI health program, improving 20 health infrastructures with 80% women beneficiaries
• +3 more outcomes

Named customers7 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration8 records

Feature9 records

Partnerships

Five partnerships are on record, tiered core and minor.

• Fondation AXIANcoreStrategic or Co-development PartnerBNI Madagascar partners with Fondation AXIAN on the Salama BNI program, a health initiative that has supported over 300,000 beneficiaries by improving 20 health infrastructures, with 80% of direct beneficiaries being women. This RSE partnership addresses community health as part of the bank's broader sustainability agenda.
• MVOLA (Telma Mobile Money)coreTechnology or IntegrationBNI Madagascar integrates with MVOLA, the mobile money service operated by Telma, for Bank-to-Wallet and Wallet-to-Bank transfers, KRED credit disbursement and repayment flows, and USSD banking (#699#). MVOLA serves as the digital rails for branchless banking across KRED's microfinance operations.
• Telma (Telecom operator)coreChannel Partner/ Reseller/ DistributorBNI operates agency branches within Telma shop locations in several cities including Ambilobe (Antafiakatsaka), Sambava (centre commercial WELLO), Mananjary (bâtiment Telma), and Fénérive Est (site Telma), extending physical banking access through Telma's retail footprint across Madagascar.
• Partner Hospitals (Tomady insurance network)coreChannel Partner/ Reseller/ DistributorBNI Madagascar's TOMADY hospitalization insurance operates with a wide network of partner hospitals and clinics throughout Madagascar, enabling policyholders to access cashless or reimbursed medical care nationwide through the bancassurance channel.
• Maromizaha Protected Area (Community Partnership)minorStrategic or Co-development PartnerBNI Madagascar contributed to the restoration of the Maromizaha protected area across 62 hectares as part of its environmental commitments. This initiative, along with mangrove restoration in Boeny and reforestation in the highlands, forms part of the bank's carbon offset and biodiversity strategy.

Scale indicators9 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• BFV-SG (Banque Française Commerciale Océan Indien - Société Générale Madagascar): Major Malagasy commercial bank affiliated with Société Générale, offering retail, corporate, and institutional banking services. Directly competes with BNI Madagascar in deposits, lending, and trade finance across Madagascar.
• Bank of Africa Madagascar (BOA Madagascar): One of the largest commercial banks in Madagascar, part of the pan-African BOA network. Offers retail, SME, corporate, and institutional banking across multiple branches, directly competing with BNI Madagascar in the same customer segments.
• Baobab Madagascar (formerly Microcred Madagascar): Digital-first microfinance institution serving micro-entrepreneurs and SMEs in Madagascar with mobile-based credit and savings. A direct peer to KRED in the digital microfinance segment and increasingly overlaps with BNI's retail offering.
• BMOI (Banque Malgache de l'Océan Indien): Malagasy commercial bank affiliated with Groupe BPCE, providing retail, SME, and corporate banking services across Madagascar. Competes directly with BNI Madagascar in the same geographic and customer segments.
• Accès Banque Madagascar: Microfinance institution in Madagascar focused on financial inclusion for micro-entrepreneurs and small businesses. Directly competes with KRED in the microcredit and small business banking segment.
• Orabank Madagascar: Commercial bank operating in Madagascar as part of the Oragroup/EcoBank-aligned pan-African network, offering retail, SME, and corporate banking. Directly competes with BNI for deposits and lending in Madagascar.

Others

• Airtel Money Madagascar: Mobile money operator in Madagascar, a competitor to MVOLA and an indirect substitute for BNI's low-value payment services. Relevant as ecosystem comparison for digital payment dynamics in Madagascar.
• CIEL Finance: Mauritian financial services group and a majority shareholder of BNI Madagascar since 2014. Adjacent given shared ownership and overlapping financial services portfolio across the Indian Ocean region.
• MVOLA (Telma Madagascar): Mobile money operator controlled by Telma (now part of Axian Group), which is a key partner integration for BNI's BTW-WTB and KRED disbursements. Functions as a complementary rails provider rather than a direct competitor, though it could evolve into a banking provider.

Emerging players

• Ny Havana (Microfinance Madagascar): Malagasy microfinance institution providing credit and savings services to micro-enterprises and underserved populations, partially overlapping with BNI's KRED brand in inclusive finance.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/bnimadagascar
• LinkedInlinkedin.com/company/bnimadagascar
• Instagraminstagram.com/bni.mg

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries1 record

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 BNI Madagascar