Madagascar banks are the principal financial institutions of the country which offer a large number of banking facilities and services to the public, to the government and to the various social organizations of the country. There are a number of important banks in Madagascar.
Major Madagascar banks include:
- Bank of Africa-Madagascar
- Banque Centrale de Madagascar
- BFV-Societe Generale
- BNI-Crédit Lyonnais Madagascar
- Bank SBM Madagascar
The principal aim of the banks of Madagascar is to serve the people of the nation. Savings, accounts, loans etc are the main functions of the Madagascar banks. Offshore business is also carried out by the banks of Madagascar.
Banking in Madagascar offers a number of options for the people. From loans to accounts, providing financial aid to the government, supporting the organizations financially etc the Madagascar banks consists in its arena of functions various responsibilities.
Madagascar banks, along with their major functions, also grant agricultural credits, industrial loans, personal loans etc. Besides the names of the banks mentioned above are the National Development Bank, BTM which is a rural bank, BNI which is an industrial development bank and BFV which is a national bank for commerce. All the private banks were nationalized in 1975 by President Ratsiraka. Private foreign investment in Madagascar banking sector was permitted in 1988. By 2001 Madagascar had six commercial banks that were under the control of various banks of other countries.
The organization and structure of the banks ensures the smooth running of the banking system in Madagascar. Every bank in Madagascar follows a certain banking procedures that makes banking in Madagascar convenient and easy for the public.
