MVola Launches Super App for Financial Inclusion in Madagascar

MVola, the leading fintech in Madagascar and a member of the pan-African telecom group AXIAN, has launched MVola Fô, a new feature designed to expand its reach among the Malagasy population. This update allows users to open an MVola account through a super app, regardless of their mobile network.

The launch is seen as a significant step towards enhancing digital and financial inclusion in Madagascar. The new MVola Fô feature offers financial services through the app, including money transfers, mobile credit purchases, and the ability to make deposits and withdrawals at sales points across the country.

According to the company, this move aligns with broader trends in the fintech sector. Industry analysts report that fintech companies are increasingly providing safer and more affordable financial solutions, including cross-border remittances, which have reduced costs by 50% over the past decade.

These fintech advancements are believed to be crucial in promoting long-term financial inclusion in Africa. According to McKinsey, fintech companies are rapidly integrating endpoints across the continent, allowing for faster and more cost-effective money transfers across borders. This integration has made it easier for people to access a range of financial services and join the formal sector.

MVola, since its inception in 2010, has been at the forefront of promoting financial inclusion in Madagascar. The company has committed to offering services that are internationally compliant and affordable, giving locals the same opportunities as users in other parts of the world. The introduction of MVola Fô is expected to drive further growth and expand access to financial services throughout Madagascar.

The company anticipates that solutions like MVola Fô will continue to scale up across more countries, with additional payment methods being added across various service providers. This ongoing expansion reflects a broader trend in the fintech industry, where innovative solutions are reshaping how people access and use financial services in Africa.