1. Can you introduce BGFIBank Madagascar and its role within the broader BGFI Group network across Africa?
BGFIBank Madagascar is a subsidiary of the BGFIBank Group, which is present in eleven African countries and one European country, France. We've been operating in Madagascar for the past fifteen years.
Our primary focus is on serving large companies, major institutions, high-potential SMEs, and high-end individuals. We are a key player in the regional and sub-regional ecosystem, with a strong presence in sectors such as agriculture, finance, telecommunications, and general commerce. Today, we see ourselves as a committed partner in the country’s development and fully support the economic vision laid out by the authorities.
2. What are your key strategic priorities for supporting Madagascar's economic development in 2025 and beyond?
Our strategy focuses on tailored, adaptable financing solutions for both large corporates and high-potential SMEs. We have a highly motivated commercial team that understands the local environment, economy, and specific client needs.
We provide a range of financial services: operational expense financing, investment financing for business development and structuring, and financial instruments such as bank guarantees, invoice advances, and contract prefinancing. Everything we offer is customizable, our financing solutions are designed to evolve with our clients.
3. How is BGFIBank Madagascar contributing to the growth of key sectors such as energy, infrastructure, agribusiness, and SMEs?
We place particular emphasis on the agribusiness sector, which is critical to achieving national food self-sufficiency, a major governmental priority.
In the technological sphere, Madagascar is experiencing notable growth in fintech and innovation. We support tech-oriented SMEs not just as a bank, but as strategic partners. Beyond that, we work closely with players in tourism, aviation, and transportation, sectors that are foundational to the country’s economic expansion. Without infrastructure and mobility, there is no development, and we are proud to be financing initiatives in these areas.
4. Can you tell us more about your digital transformation strategy and how it is reshaping the customer experience and operations?
In mid-2023, BGFIBank Madagascar began a major strategic evolution, moving from a traditional network of physical branches to a digitalized banking model.
Our goal is to provide customers, wherever they are in Madagascar or the world, with all the tools they need to bank without ever setting foot in an agency. We’ve rolled out BGFI Mobile and Cash Management solutions that allow individuals and businesses to manage their accounts and perform transactions remotely.
We also launched a full range of Visa cards, classic, Gold, business, and even prepaid cards for non-clients, which contributes directly to financial inclusion. Our "Karama" card, meaning "salary" in Malagasy, is designed for users with lower incomes who otherwise wouldn’t qualify for a traditional bank account.
We’ve also installed smart ATMs that allow both deposits and withdrawals, available 24/7. Most recently, we became the first bank in Madagascar to launch 100% remote account openings that are fully compliant with KYC and regulatory standards. We want to make banking as accessible and inclusive as possible.
More innovations are on the way for early 2026, but I’ll keep those a surprise for now.
5. How does BGFIBank Madagascar approach sustainable and responsible banking in alignment with ESG goals?
Our parent company has a dedicated entity, the BGFIBank Foundation, and each subsidiary, including Madagascar, runs its own social initiatives under this umbrella.
In Madagascar, we’ve funded school fees for underprivileged children, renovated classrooms, donated desks, and are currently building new classrooms in a local lycée. Every year for the past three years, we’ve distributed school supplies to children in precarious conditions. These efforts are led by our Social Action Department. So yes, we are more than an economic actor, we are a committed social stakeholder.
6. What are the main challenges and opportunities for the financial sector in Madagascar today?
Every sector in Madagascar needs financing, but if we had to prioritize, energy, transport, and agriculture are key to driving development.
Within agriculture, we believe in financing value chains, from production to consumer. Transformation is vital. In energy, we focus on affordable renewable energy to sustain industry. For transport, the emphasis is on urban mobility and road infrastructure to connect remote regions.
We’ve already financed road construction and are now exploring opportunities in aviation and railway development. These are sectors ripe with opportunity, and BGFIBank Madagascar is ready to support them.
7. How does being part of the BGFI Group enhance your capabilities and value proposition to clients and investors?
The BGFI Group is incredibly solid, with over 20% annual profitability, stable shareholding, and no single shareholder holding more than 10% of capital. That kind of foundation enables us to operate with strength and credibility.
For BGFIBank Madagascar, this means we are empowered to finance the local economy with confidence. We also remain open to partnerships and foreign investment, especially from parties aligned with our vision and values
8. Are you exploring potential partnerships or investment collaborations with financial institutions from the UAE or the broader Gulf region?
One of our key needs is correspondent banking, having reliable financial institution partners in the Gulf would greatly simplify transactions for our clients, especially those involved in exports.
Right now, because of international restrictions, we have to route payments through Europe, which complicates and delays transactions. Direct partnerships with Gulf-based banks would solve that. We’re actively exploring those connections and hope to establish them soon.
9. And finally, what message would you like to share with the readers of Khaleej Times about why now is the right time to invest in Madagascar, and how BGFIBank can support that journey?
BGFIBank Madagascar is a financially sound institution with strong capital reserves and full compliance with international regulatory standards.
We are one of the few banks capable of supporting major institutional investments and large-scale projects. With our robust digital infrastructure, foreign clients can monitor their accounts and transact remotely.
We pride ourselves on listening to our clients. Whether it’s through dedicated digital tools or attentive support teams, we ensure their needs are heard and addressed.
For all these reasons, we believe BGFIBank Madagascar is the right partner for any investor looking to enter or expand in the Malagasy market.
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