MVola Launches ‘MVola Fô’ to Boost Digital Inclusion in Madagascar

In a major stride towards greater digital and financial inclusivity, MVola – Madagascar’s pioneering fintech and a subsidiary of pan-African telecom giant AXIAN – is rolling out an innovative new service called MVola Fô.

MVola Launches 'MVola Fô' to Boost Digital Inclusion in Madagascar
MVola Launches ‘MVola Fô’ to Boost Digital Inclusion in Madagascar

This ground-breaking offering allows any Malagasy citizen to open a digital account on the MVola super app, regardless of their mobile network provider.

The launch of MVola Fô marks a significant leap in MVola’s mission to promote universal access to financial services across the island nation. Users will now be able to conduct a suite of transactions through the app including money transfers, mobile credit purchases, deposits, and withdrawals at all MVola sales points countrywide.

“Launching MVola Fô means responding directly to the expectations of the Malagasy people,” affirmed Louis-Olivier Favot, MVola’s CEO. “Since 2010, our ambition has been to make financial services as inclusive as possible. Every Malagasy, no matter where they are or their means, deserves access to quality, modern financial services.”

MVola Move Aligns With a Broader Trend

The MVola move aligns with a broader trend of fintech providers introducing safer, more affordable solutions for financial access across Africa. Analysts highlight how fintechs have slashed cross-border remittance costs by 50% over the past decade.

By expanding access points, these innovative players are ushering more individuals into the formal financial sphere and catalyzing long-term inclusion objectives across the continent, according to experts.

A 2022 McKinsey report highlighted how “fintechs and other players are very quickly integrating end points across Africa, making it faster and cheaper to send money across borders.” The consultancy expects these solutions to continue scaling with more payment methods being integrated between service providers.

Financial Empowerment in Madagascar

For over a decade, MVola has championed financial empowerment in Madagascar by offering internationally compliant yet affordable services. With MVola Fô, the company aims to open new gateways to economic participation.

“We firmly believe that every Malagasy, wherever they are and whatever their means, deserves access to quality, state-of-the-art financial services,” Favot stated.

By removing barriers and cutting across mobile networks, MVola Fô democratizes access to digital financial tools for millions of underserved Malagasy. It’s a bold step accelerating the nation’s journey towards universal economic inclusion.

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