Madagascar fintech MVola bolsters super app

MVola, the first fintech in Madagascar and a member of the pan-African telecom group AXIAN, is launching MVola Fô to increase its reach among the Malagasy population.

Regardless of the mobile network they use, citizens can now open an account through the super app MVola thanks to this new option.

The action, according to the company, marks a significant improvement in digital and financial inclusion.

MVola will now also provide financial services via the app, including money transfers, mobile credit purchases, and deposits and withdrawals at all sales points nationwide.

The MVola move coincides with the fact that, according to analysts, fintechs are providing safer and more affordable solutions, including cross-border remittances, reducing costs by 50% in the past decade.

According to the analysts, these fintech companies are helping people access a variety of financial services and enter the formal sector, which is promoting long-term financial inclusion in the Africa.

According to McKinsey, fintechs and other players are very quickly integrating end points across Africa, which makes it faster and cheaper to send money across borders.

The company expects that solutions will continue to scale up across more countries with additional payment methods being added across service providers.

For MVola, since 2010, it has been promoting financial inclusion in Madagascar and offering the locals the same opportunities as the rest of the world, through services that are both internationally compliant and affordable.

Announcing the launch MVola Fô, last week, Louis-Olivier Favot, CEO of MVola, said: “Launching MVola Fô means responding directly to the expectations of the Malagasy people.

“Our ambition, since our inception in 2010, has always been to make financial services as inclusive as possible. We firmly believe that every Malagasy, wherever they are and whatever their means, deserves access to quality, state-of-the-art financial services.”