# Madagascar — payment codes and schemes

> Source: https://docs.barcoder.ai/docs/payments/MG
> extracted at 2026-10-03
> Publisher: Barcoder — encyclopedia of QR, barcode and payment-code standards

## Summary

- **MVola** pioneer (2009, Telma) with QR
- **Orange Money** multi-SIM support
- **Airtel Money** third provider
- **e-Ariary** CBDC pilot (offline QR)
- **70% unbanked** mobile-first market

## Banking landscape

### Central Bank
- **Name:** Banque Centrale de Madagascar (BFM)
- **Website:** https://www.bfrm.mg/
- **Role:** Monetary policy, e-Ariary pilot

### Major Banks (2024)

| Rank | Bank Name | Type | Digital Platform |
|------|-----------|------|------------------|
| 1 | BOA Madagascar | Pan-African | BOA Mobile |
| 2 | BNI Madagascar | State | BNI App |
| 3 | BMOI | International | BMOI Mobile |
| 4 | BFV-SG | International | SG Mobile |
| 5 | Microcred | Microfinance | Microcred App |

### Market Structure
- **MVola:** First mobile money (2009)
- **Orange Money:** Major competitor
- **Airtel Money:** Third provider
- **70%:** Adults unbanked
- **60%:** Mobile phone ownership

---

## Payment infrastructure

### National Payment Systems

| System | Operator | Type | Status |
|--------|----------|------|--------|
| MVola | Telma | Mobile money | Pioneer |
| Orange Money | Orange | Mobile money | Active |
| Airtel Money | Airtel | Mobile money | Active |
| e-Ariary | Central Bank | CBDC pilot | Testing |

### Mobile Money Dominance
- First service: MVola (2009)
- Orange Money (2010)
- Airtel Money (2015)
- Millions of monthly transactions

### MVola Statistics
- 10+ million customers
- Nationwide agent network
- Digital bank license
- Developer portal

---

## QR code standards

### MVola QR Payments

| Attribute | Value |
|-----------|-------|
| **Provider** | Telma/MVola |
| **Launch** | 2009 (pioneer) |
| **QR** | Wallet to Bank, Merchant |
| **Customers** | 10M+ |

### MVola QR Features
- Wallet to Bank QR
- Merchant QR payments
- Developer integrations
- GSMA Mobile Money API
- Open platform

### e-Ariary (CBDC Pilot)

| Attribute | Value |
|-----------|-------|
| **Operator** | Central Bank |
| **Type** | Digital Ariary |
| **Access** | Offline QR, basic phones |
| **Status** | Testing |

### e-Ariary Features
- Offline capability
- QR code transactions
- Basic phone support
- Smart card option
- Financial inclusion focus

---

## Mobile payment apps

| App | Provider | QR | Features |
|-----|----------|-------|----------|
| MVola | Telma | Yes | Full wallet + QR |
| Orange Money | Orange | Yes | Multi-SIM |
| Airtel Money | Airtel | Yes | Mobile money |

### MVola Features
- Money transfers
- Bill payments
- Merchant payments
- QR code transactions
- Developer API
- 10M+ users

### Orange Money Madagascar
- Any SIM card support
- Orange Money Afrique app
- Multi-operator access
- Bill payments
- QR merchant payments

### Airtel Money
- Mobile money transfers
- Airtime purchase
- Bill payments
- Agent network

---

## Schemes

| Scheme | Type | Symbology | Adoption | Technical standard |
|---|---|---|---|---|
| [MVola QR](https://docs.barcoder.ai/docs/payments/MG/mvola-qr) | Mobile QR | App/API | 10M+ users | [`mvola-qr`](https://docs.barcoder.ai/docs/standards/mvola-qr) |
| [Orange Money](https://docs.barcoder.ai/docs/payments/MG/orange-money) | Mobile QR | App | Active | — |
| [e-Ariary](https://docs.barcoder.ai/docs/payments/MG/e-ariary) | CBDC QR | Offline | Testing | [`e-ariary`](https://docs.barcoder.ai/docs/standards/e-ariary) |

## Sources

- [GSMA - MVola Case Study](https://www.gsma.com/solutions-and-impact/connectivity-for-good/mobile-for-development/programme/mobile-for-development/mvola-madagascar-a-case-study-for-the-gsma-mobile-money-api-and-open-platforms/)
- [TransFi - Madagascar Payment Rails](https://www.transfi.com/blog/madagascars-payment-rails-how-they-work---mobile-money-bank-transfers-cashless-growth)
- [IT News Africa - Mobile Money Tax](https://www.itnewsafrica.com/2024/11/madagascar-mvola-orange-money-airtel-money-decry-new-mobile-money-tax/)
- [MVola Official](https://web.mvola.mg/transfert-dargent/)
- [WorldRemit - Madagascar](https://www.worldremit.com/en-us/madagascar/mobile-money)
- [MindOfAHitchhiker - Money in Madagascar](https://mindofahitchhiker.com/money-in-madagascar-the-ariary-cash-atms-orange-money-mvola/)
- [OneBagHedonist - Mobile Wallets Madagascar](https://www.onebaghedonist.com/money-matters-in-madagascar-mastering-mvola-orange-money-atms-and-credit-card-payments/)
- [Sendwave - Madagascar](https://www.sendwave.com/en-us/countries/madagascar/fr)

## Full country report

[MG-madagascar.md](https://docs.barcoder.ai/docs/payments/MG)