# e-Ariary

> Source: https://docs.barcoder.ai/docs/standards/e-ariary
> research date 2026-05-29 · extracted at 2026-10-06
> Publisher: Barcoder — encyclopedia of QR, barcode and payment-code standards

Specifications:
- [From Mobile Money to e-Ariary — Techpression](https://techpression.com/from-mobile-money-to-e-ariary-madagascars-digital-currency-pilot-kicks-off-nationwide/)

## Overview

**e-Ariary** is **Madagascar's official central-bank digital currency (CBDC)** — a **nationwide pilot launched May 2025 by Banky Foiben'i Madagasikara (BFM)**, the Central Bank of Madagascar <sup>[1][1], [2][2], [Madagascar report](https://docs.barcoder.ai/docs/payments/MG)</sup>. The structural goal: **simplify daily transactions, reduce cash dependence, and enhance financial inclusion, particularly in rural areas where access to banking remains limited**. Once fully deployed, e-Ariary will enable Malagasy citizens to **pay for groceries, utility bills, public transportation, salaries, government support — directly from phones or via QR codes, smart cards, and offline terminals**.

The structural significance: Madagascar joins the **emerging global CBDC pilot list** ([Bakong](https://docs.barcoder.ai/docs/standards/bakong) KH, [Sand Dollar](https://docs.barcoder.ai/docs/standards/sand-dollar) BS, [DCash](https://docs.barcoder.ai/docs/standards/dcash) ECCU-discontinued, [Chivo QR](https://docs.barcoder.ai/docs/standards/chivo-qr) SV-planned-shutdown, eNaira NG, e-CNY CN, **Jamaica [JAM-DEX QR](https://docs.barcoder.ai/docs/standards/jam-dex-qr)**, **[Digital Kina](https://docs.barcoder.ai/docs/standards/digital-kina) PNG**, etc.). The Malagasy context is structurally interesting: Madagascar already has **substantial mobile-money penetration** — **2023: 342+ million mobile-money transactions worth ~$8.5 billion + 10+ million mobile wallets vs 3 million bank accounts** <sup>[1][1]</sup>. e-Ariary will operate alongside existing mobile-money platforms ([MVola QR](https://docs.barcoder.ai/docs/standards/mvola-qr) Telma, Orange Money MG, Airtel Money MG) rather than replacing them. The **offline-terminal capability** is particularly distinctive — addressing Madagascar's rural-connectivity challenges.

## History

**Background — Madagascar payment landscape pre-2025** <sup>[Madagascar report](https://docs.barcoder.ai/docs/payments/MG)</sup>:
- **Banky Foiben'i Madagasikara (BFM)** — central bank.
- **[MVola QR](https://docs.barcoder.ai/docs/standards/mvola-qr)** (Telma), Orange Money Madagascar, Airtel Money Madagascar.
- **Cross-MNO interop since September 2016** (regional pioneer).
- 10+ million mobile wallets vs 3 million bank accounts.

**2023 — 342M mobile-money transactions / $8.5B value** <sup>[1][1]</sup>:
- Strong existing mobile-money foundation.

**May 2025 — e-Ariary nationwide pilot launches** <sup>[1][1]</sup>:
- BFM-led pilot.
- Goal: simplify transactions + reduce cash + financial inclusion.

**Multi-channel architecture** <sup>[1][1]</sup>:
- Phone-based payments.
- QR codes.
- Smart cards.
- **Offline terminals** (distinctive feature for rural connectivity).

## Technical specification

e-Ariary is **BFM's nationwide-pilot CBDC** <sup>[1][1]</sup>:

| Layer | Description |
|---|---|
| **Issuer** | **Banky Foiben'i Madagasikara (BFM)** — Central Bank of Madagascar |
| **Type** | Retail CBDC |
| **Pilot launch** | **May 2025** (nationwide) |
| **Currency name** | e-Ariary |
| **Underlying ariary** | MGA (Malagasy ariary) |
| **Channels** | Phone, **QR codes, smart cards, offline terminals** |
| **Coexists with** | [MVola QR](https://docs.barcoder.ai/docs/standards/mvola-qr) + Orange Money MG + Airtel Money MG |
| **Mobile money context** | 342M transactions / $8.5B (2023) |

**Offline-terminal capability** <sup>[1][1]</sup>:
- Distinctive feature for rural-connectivity challenges.
- Enables payments without continuous internet connection.

**Coexistence strategy** <sup>[1][1]</sup>:
- e-Ariary alongside existing MNO mobile-money platforms.
- Not replacement — complement.

## Use cases

**Daily transactions (groceries, utility bills)** <sup>[1][1]</sup>: Cardinal mass-market use.

**Public transportation** <sup>[1][1]</sup>: Transit fares.

**Salaries** <sup>[1][1]</sup>: Employer-employee payment.

**Government support payments** <sup>[1][1]</sup>: G2P social-transfer disbursement.

**Rural financial inclusion** <sup>[1][1]</sup>: Offline-terminal enabled.

## Implementations & ecosystem

**Issuer**: **Banky Foiben'i Madagasikara (BFM)**.

**Coexistence with**:
- **[MVola QR](https://docs.barcoder.ai/docs/standards/mvola-qr)** (Telma).
- **Orange Money Madagascar**.
- **Airtel Money Madagascar**.

**Cross-MNO interop framework**: Since September 2016 (pre-existing).

## Fun facts

- **Nationwide pilot from launch (May 2025)**: Unusual — most CBDC pilots start city-limited then expand.
- **Offline-terminal capability**: Distinctive feature for rural-connectivity-limited contexts.
- **Coexistence with existing MNO mobile money**: Not displacement strategy.
- **10M mobile wallets vs 3M bank accounts**: Mobile-money already dominant — e-Ariary builds on this foundation.
- **2023: 342M mobile-money transactions / $8.5B**: Strong existing digital-payment baseline.
- **Joins African CBDC list**: Alongside eNaira (NG), peers.
- **Rural-financial-inclusion focus**: Critical for Madagascar's geography + economic context.
- **Multi-channel from launch**: Phone + QR + smart card + offline terminal.

## Comparison

| Feature | e-Ariary (MG) | [Bakong](https://docs.barcoder.ai/docs/standards/bakong) (KH) | [Digital Kina](https://docs.barcoder.ai/docs/standards/digital-kina) (PG) | [Sand Dollar](https://docs.barcoder.ai/docs/standards/sand-dollar) (BS) | eNaira (NG) |
|---|---|---|---|---|---|
| Issuer | BFM | NBC | BPNG | Central Bank of Bahamas | CBN |
| Launch | **May 2025 pilot** | Oct 2020 | End-2024 pilot | Oct 2020 | Oct 2021 |
| Type | Retail CBDC | NOT CBDC per NBC | Retail CBDC | Retail CBDC | Retail CBDC |
| Channels | **Phone+QR+smart card+offline** | Phone+QR | Phone+QR | Phone | Phone |
| Mobile-money coexistence | **MVola+Orange+Airtel** | Bakong wraps existing | Kina Pei companion | Limited | Disrupted existing |

## Status

**Active pilot** <sup>[1][1]</sup>:
- **BFM operator**.
- **May 2025 nationwide pilot launch**.
- **Multi-channel** (phone + QR + smart card + offline terminal).
- **Coexists with existing MNO mobile money**.

## Sources

[1]: https://techpression.com/from-mobile-money-to-e-ariary-madagascars-digital-currency-pilot-kicks-off-nationwide/ "e-Ariary nationwide pilot — Techpression"
[2]: https://www.transfi.com/blog/madagascars-payment-rails-how-they-work---mobile-money-bank-transfers-cashless-growth "Madagascar payment rails — TransFi"

- [1] [e-Ariary nationwide pilot — Techpression][1]
- [2] [Madagascar payment rails — TransFi][2]
- <sup>[Madagascar report](https://docs.barcoder.ai/docs/payments/MG)</sup> `reports/countries/MG-madagascar.md`

## Deployments

Found in the following country reports (grep across `reports/countries/`):

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