On November 7, 2017, mobile telecom operator Telma has launched a new financial service backed to its MVola Mobile Money service, “Mvola Avance”, which includes savings and loan offers.

Regarding loans, all procedures are mobile based. The user can get from 1,000 Ariary ($0.32) to 500,000 Ariary ($157.85). He or she has 30 days to reimburse the loan with a single interest rate of 9%.

Concerning savings, it requires the opening of a MVola savings account. Deposits ranges from 100 Ariary ($0.03) to 10,000,000 Ariary ($3,156.97). Money can be transferred from Mvola accounts to Mvola savings accounts, free of charge. Telma adds that its Mvola savings service (Mvola Epargne) comes with an annual interest rate of 2% for customers. 

Reassuring its customers of the seriousness of the new services, Mvola’s general manager, Matthieu MACE, said: “BNI Madagascar, the country’s leading bank, is our partner on this service and as such guarantees all Mvola Avance transactions”.