Antananarivo, January 20, 7:45 p.m. – The establishment of the Postal Bank on track. She was at the center of discussions between the Minister in charge of Posts, Tahina Razafindramalo, and the new governor of the Banky foiben’i Madagasikara (BFM), Aivo Andrianarivelo, on Thursday. An opportunity for the head of the monetary authority to present the possible requirements of the Banking and Financial Supervision Commission (CSBF) for this Postal Bank which plans to set up a system comparable to microfinance institutions.
As pointed out in the memorandum of economic and financial policy (MEFP) with the International Monetary Fund (IMF), Paositra Malagasy (PAOMA), beyond its postal activities and the management of approximately 500,000 savings accounts, plans to develop activities financial services by relying on its network of more than 250 branches throughout the country.
The future system of information bank and the establishment of a national payment switch were discussed by these representatives of the Ministry of Digital Development, Digital Transformation, Posts and Telecommunications (MNDPT) and the BFM. The implementation of the national payment switch project was already scheduled for the end of 2022 if we refer to the commitments of the Malagasy authorities in the MEFP.
This payment system digital is planned to allow interoperability of all electronic payments, which should lead to lower transaction costs and contribute to improving the rate of financial inclusion. It is also supposed to strengthen the efficiency, security and resilience of the national payment system.
Minister Tahina Razafinramalo and Central Bank Governor Aivo Andrianarivelo also discussed the issue of electronic money, including the e-Ariary project. This project, as explained by the MNDPT, is “a secure means of electronic payment benefiting from the regulation and control of the monetary authority”.
This payment project digital aims to improve access to and the reliability of the financial system. “The e-Ariary will support financial inclusion objectives, improve control of currency in circulation and, like the national switch, will strengthen the efficiency, security and robustness of the national payment system”, argue the country authorities in the MEFP.